TCREUR_Public/050728.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Thursday, July 28, 2005, Vol. 6, No. 148

                            Headlines

A U S T R I A

ROCO MODELLSPIELWAREN: Eyes Comeback via Slovakian Unit
VA TECHNOLOGIE: Supervisory Board Okays Demerger Plan


C Z E C H   R E P U B L I C

TELESYSTEM INTERNATIONAL: Earns US$2.2 Bln Q2 Net Income


F R A N C E

ALSTOM SA: Receives EUR550 Million Order from SNCF


G E R M A N Y

BERLIN REGATTASTRASSE: Creditors' Claims Due Next Month
DAIMLERCHRYSLER AG: Thousands of Mercedes Jobs at Risk
DEMIR BAU: Court to Verify Claims November
DIGIPRO ZIMMERMANN: Creditors Meeting Set September
ERSTE KOPENICKER: Last Day for Filing Claims September 29

FUBA PRINTED: Receives Additional Financing from Banks
GIGA GESELLSCHAFT: Under Bankruptcy Administration
GVM COMPRESSORS: Calls in Administrator from Tiefenbacher
HAMACHER IMMOBILIEN: Creditors' Claims Due Next Week
INFINEON TECHNOLOGIES: Boardroom War Ensues

KOG SUEDWEST: Celle Court Appoints Administrator
LINK-CONVENIENCE: Creditors to Meet October
MAYO FEINKOST: Falls into Bankruptcy
PFLEIDERER AG: Tracking System Under Negotiation with Vossloh


I R E L A N D

EUJET: Parent's Collapse Paralyzes Operation


I T A L Y

PARMALAT FINANZIARIA: First-half EBITDA Up 34%
PARMALAT FINANZIARIA: Names New Director
WIND TELECOMUNICAZIONI: Fitch Rates Senior Bank Debt 'BB'
WIND TELECOMUNICAZIONI: S&P Rates Senior Secured Debt 'B+'


K A Z A K H S T A N

KAZAKHSTAN BANKS: Counterparty Credit Ratings Upgraded


N E T H E R L A N D S

BASELL B.V.: S&P Downgrades Rating to 'B+'; Outlook Stable
BASELL B.V.: Moody's Lowers Outstanding Debt to B2
LYCOS EUROPE: Net Loss Down 37% to -EUR16.5 Million


R U S S I A

AFANASIY-BEER: Calls in Insolvency Manager
ARKHANGELSKOYE: Declared Insolvent
CHRYSTAL: Under Bankruptcy Supervision
EXMASH: Undergoes Bankruptcy Supervision Procedure
INTERNATIONAL MOSCOW: Fitch Affirms 'BB/B' Ratings

LIOS-BANK: Declared Insolvent
MOL-COM: Sets Public Auction Next Week
PROGRESS: Krasnodar Court Names S. Khoryukov Insolvency Manager
ROZHDESTVENSKOYE: Deadline for Proofs of Claim Next Week
SOD-BUSINESS-BANK: Creditors Have Until September to File Claims
URAL-SEL-MASH: Succumbs to Bankruptcy


S P A I N

PAPERALIA SA: Applies for Bankruptcy Supervision


S W I T Z E R L A N D

LEICA GEOSYSTEMS: Recommends CHF500 Cash Offer from Danaher
LEICA GEOSYSTEMS: On CreditWatch Developing Due to Imminent Sale
STMICROELECTRONICS N.V.: Posts First-half Net Loss of US$5 Mln
SWISS INTERNATIONAL: Freight Unit Won't Merge with Lufthansa


U K R A I N E

ADER UKRAINE: Proofs of Claim Deadline Expires Next Week
AGROINVEST-GROUP: Court Appoints Insolvency Manager
AGROPROMINVEST: Bankruptcy Supervision Starts
BUSHEL: Insolvency Manager Takes over Operations
DOMOVOJ: Applies for Bankruptcy Proceedings

KOMTEK: Gives Creditors Until August to Prove Claims
PIVDENKIVSKIJ BURYAKORADGOSP: Succumbs to Bankruptcy
STUDIYA LEVA-ZED: Creditors' Claims Due Next Month
TAJFUN: Under Bankruptcy Supervision
VOLODARSK-VOLINSKSERVISBUD: Declared Insolvent


U N I T E D   K I N G D O M

3D CONTAINERS: Packaging Manufacturer Calls in Administrator
ACTFAST LIMITED: EGM Passes Winding-up Resolutions
AFONICS FIBREOPTICS: Meeting of Creditors Set Next Week
ALBERT SEWING: Members Decide to Liquidate Firm
ARDENCOTE INVESTMENTS: Files Winding-up Petition

A.S. CLIMATE: Goes into Liquidation
ASHPHIL LIMITED: Clothing Company Decides to Liquidate
BAR M3: Bristol Court Accepts Liquidation Petition
BENIBEAM LIMITED: Calls in Joint Liquidators
BITARTS LIMITED: Administrators from Fisher Partner Move in

BRANTON ENGINEERING: Names Harris Lipman Administrator
CASTINGS CONSULTANTS: Appoints Menzies Liquidator
CLIFFE END: Lab Equipment Maker to Liquidate
COLLINS & AIKMAN: JPMorgan Backs Price Increase Pact
CONTIWOOD LIMITED: Bristol Court Orders Liquidation

ERITH WASTE: Calls in Administrators from B & C Associates
GKK PRINT: Hires BWC Business Solutions as Administrator
GRYFFE HOMEWORLD: Appoints Liquidator from Tenon Recovery
HIT SECURITIES: Calls in Liquidator
ICS WORLDWIDE: Names PricewaterhouseCoopers Liquidator

I FEEL GOOD: Appoints Administrators from Chantrey Vellacott
L & G STORAGE: Bristol Court Approves Liquidation
LOVE2 LTD.: Gets Green Light to Liquidate
MG ROVER: Nanjing Offers Stakes to Losing Bidders
MONO UK: Administrators from Wilkins Kennedy Steps in

MONSTERMODZ LIMITED: High Court Approves Winding-up
NOODLE BAR: Chinese Restaurant Calls in Administrator
NORTHERN LIGHTS: Runs out of Money
PATIENTLINE PLC: Ofcom to Investigate Patient Power Contract
PLANESTATION GROUP: Falls into Administration

PLANESTATION GROUP: Company Profile
R WAKEMAN CONSTRUCTION: Gets Court Approval to Liquidate
SAFEMOUNT (1949): In Administrative Receivership
SEVEN STAR: Loses Luster; Liquidates
SPRINT HOME: Calls in Administrators from P&A Partnership

SUPREME CHOICE: Shuts down Due to Liabilities
TASHDELEN LIMITED: Leeds Court Accepts Winding-up Petition
TAYLORMADE JOINERY: Hires Cresswall Associates as Administrator
T M INSTALLATIONS: High Court Approves Liquidation
UNIQ PLC: Turnover Down Due to Higher Raw Material Cost

VENTSYS LIMITED: High Court Orders Liquidation
WIGMORE GROUP: Changes Name to Speymill Group
WIGMORE GROUP: To Create Property Fund Management Venture


                            *********


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A U S T R I A
=============


ROCO MODELLSPIELWAREN: Eyes Comeback via Slovakian Unit
-------------------------------------------------------
ROCO Modellspielwaren GmbH is considering expanding its
operations in Slovakia, said Hospodarske noviny.

The Austrian model railroad manufacturer is currently under
receivership.  It has shut down production facilities in
Hallein, but wants to develop its Roco unit in Slovakia, which
employs 200 and is based in Banska Bystrica.

ROCO Modellspielwaren was affected by the slowdown in the
European train market and rivals offering cheaper China-made
items.  It has debt of EUR24 million and annual losses of EUR5
million.  Roco's largest market is Germany, which accounts for
65% of sales.

CONTACT:  ROCO MODELLSPIELWAREN GmbH
          Rifer Hauptstrasse 21
          A-5400 Hallein
          Phone: +43 (0) 57626-0
          Fax: +43 (0)57626-1199
          E-mail: roco@roco.cc
          Web site: http://www.roco.co.at/


VA TECHNOLOGIE: Supervisory Board Okays Demerger Plan
-----------------------------------------------------
After the successful closing of their takeover bid, Siemens
disposes of 97.15% of the VA TECH shares.  As already announced
in the takeover offer, the remaining free float (2.85%) shall
now drop from VA TECH by way of a "non proportion keeping" de-
merger.  A corresponding resolution shall be taken in an
extraordinary shareholders' meeting of VA TECH that will take
place on August 23, 2005 at 10:30 a.m. in the House of Industry,
Vienna, Schwarzenbergplatz.  On July 21, 2005 the Supervisory
Board of VA Technologie AG approved the de-merger plan.

                            *   *   *

The E.U. Commission recently approved Siemens' bid to take over
Technologie AG (VA Tech), marking the conclusion of its
antitrust review.

Sales of the metallurgy, power transmission and distribution,
and infrastructure units, which will now be integrated into
Siemens, totaled over EUR3 billion in 2004.  Around 13,000
people are employed in these three business segments.

"The overall strategic goals have been reached with the takeover
of VA Tech," said Dr. Klaus Kleinfeld, CEO of Siemens AG,
following the Brussels decision.

Following the approval, Siemens intends to initiate a squeeze-
out procedure in order to buy out the remaining owners of VA
Tech shares in scattered holdings and to undertake a delisting
of the group.

CONTACT:  VA TECHNOLOGIE AG
          Lunzerstrasse 64
          A-4031 Linz, Austria
          Phone: +43-732-6986-9222
          Fax: +43-732-6980-3416
          Web site: http://www.vatech.co.at

          Harald Hagenauer
          Communications and Investor Relations
          Phone: (+43/732) 6986-3218
          Fax: (+43/732) 6980-3416
          E-mail: harald.hagenauer@vatech.at

          Wolfgang Schwaiger
          Communications and Investor Relations
          Phone: (+43/732) 6986-9222
          Fax: (+43/732) 6980-3416
          E-mail: wolfgang.schwaiger@vatech.at

          SIEMENS AG
          Wittelsbacherplatz 2
          D-80333 Munich
          Phone: +49-89 636-00
          Fax: +49-89 636-52 000
          Web site: http://www.siemens.com


===========================
C Z E C H   R E P U B L I C
===========================


TELESYSTEM INTERNATIONAL: Earns US$2.2 Bln Q2 Net Income
--------------------------------------------------------
Telesystem International Wireless Inc. (TSX:TIW)(NASDAQ:TIWI)
reported its results for the second quarter of 2005.

TIW is operating under a court supervised Plan of Arrangement
which was approved by the Company's shareholders' on May 19,
2005, and by the Superior Court, District of Montreal, Province
of Quebec on May 20, 2005.  The court supervised Plan of
Arrangement was adopted by the Company to allow the Company to:

   -- complete the transaction with Vodafone announced on
      March 15, 2005;

   -- proceed with its liquidation, including the implementation
      of a claims process and the distribution of net cash to
      shareholders;

   -- cancel its common shares; and

   -- proceed with its final distribution and be dissolved.

On May 31, 2005, Telesystem International Wireless Corporation
N.V., a wholly owned subsidiary of the Company, completed the
first step of the Plan of Arrangement with the sale to Vodafone
of all of its affiliate's interests in MobiFon S.A. and Oskar
Mobil a.s. for a cash consideration of approximately $3.5
billion.  The unaudited consolidated financial statements for
the three and six months ended June 30, 2005 therefore include
the operating results of MobiFon and Oskar for two and five
months respectively.

Accordingly, operating results are not comparable to previous
year's results.  As of June 30, 2005, substantially all of the
Company's assets consist of $3.6 billion (Cdn$4.47 billion) in
cash and cash equivalents.

The net income for the three and six months ended June 30, 2005
includes a gain on sale of investments of $2.22 billion related
to the sale to Vodafone, representing $10.19 per basic share for
the second quarter and $10.26 per basic share for the first six
months of 2005.

Service revenues for the quarter reached $260.5 million and
$615.2 million for the six months ended on June 30, 2005.
Operating income for the quarter reached $33.5 million and
$117.4 million for the six months ended on June 30, 2005.  Net
income for the quarter was $2.22 billion or $10.20 per basic
share and $10.03 per share on a fully diluted basis while it
reached $2.26 billion, or $10.42 per basic share and $10.23 per
share on a fully diluted basis, for the first six months of
2005.

                      Results of Operations

All revenues and all cost of equipment and services for the
first two quarters of 2005 relate to MobiFon's and Oskar's
activities in the first five months of the year.

Selling, general and administrative expenses reached
$100.5 million for the quarter and $191.7 million for the first
half of 2005, including unallocated expenses for corporate and
other activities of $41.9 million and $47.8 million
respectively.

Consolidated selling, general and administrative expenses for
the second quarter 2005 include a non-cash stock based
compensation cost of $36.6 million of which $35.4 million is
included within corporate and other activities, while the
corresponding period of 2004 had stock based compensation costs
amounting to $2.7 million of which $1.8 million is included
within corporate and other activities.  Selling, general and
administrative expenses for the first six months of 2005 include
a non-cash stock based compensation cost of $40.9 million of
which $38.4 million is included within corporate and other
activities, while the corresponding period of 2004 had stock
based compensation costs amounting to $4.2 million of which $2.7
million is included within corporate and other activities.  The
year-over-year increase in the stock based compensation costs is
mainly due to the accelerated vesting of options and restricted
share units triggered by the sale of all the Company's assets
during the second quarter.  Also included in the corporate and
other activities for the quarter is a $1.5 million capital duty
expense related to the repatriation of the sale proceeds from
the Company's wholly owned subsidiary TIWC.

Virtually all of the depreciation and amortization for the first
half of 2005 relate to MobiFon's and Oskar's activities in the
first five months of the year.  As a result of the foregoing,
operating income reached $33.5 million for the second quarter
and $117.4 million for the first six months of 2005, which
compared to $66.3 million and $116.5 million, respectively, for
the corresponding periods last year.

Mostly all of the interest expenses for the first six months of
2005 relate to the subsidiaries sold at the end of May 2005.
Interest income, which amounted to $8.5 million for the quarter
and $10.2 million for the six months ended on June 30, 2005,
includes $7.6 million earned since the Company completed the
sale of its indirect interests in MobiFon and Oskar to Vodafone.

The sale of all its operating assets resulted in a gain on sale
of investments of $2.22 billion representing the excess of the
proceeds of approximately $3.5 billion over the net carrying
value of its interest in ClearWave of $1.3 billion, net of the
transaction cost of approximately $21.2 million.

All income tax expense for the three and six months ended on
June 30, 2005 relate to MobiFon's and Oskar's pre tax income.

As a result of the foregoing, net income for the second quarter
of 2005 amounted to $2.22 billion or $10.20 per basic share,
including $10.19 per share related to the gain on sale of
investments.  On a fully diluted basis the net income amounted
to $10.03 per share, including $10.02 per share related to the
gain on sale of investments.  For the first six months of 2005,
net income reached $2.26 billion or $10.42 per basic share,
including a gain on sale of investments of $10.25 per share. On
a fully diluted basis the net income amounted to $10.23 per
share, including $10.06 per share related to the gain on sale of
investments. That compared to a net income of $13.9 million or
$0.10 per share on a basic and fully diluted basis for the
second quarter of 2004 and $29.6 million or $0.23 per basic
share and $0.22 per share on a fully diluted basis for the first
half of 2004.

                  Liquidity and Capital Resources

Operating activities provided cash of $103.1 million for the
three month period ended June 30, 2005 compared to $101.5
million for the corresponding 2004 period. For the first six
months of 2005, operating activities provided cash of $183.8
million compared to $142.8 million in the corresponding 2004
period. Most of the cash provided in the three and six months
ended June 30, 2005 relate to MobiFon's and Oskar's activities
in the first two and five months of the respective period.

Investing activities provided cash of $3.27 billion for the
quarter ended June 30, 2005, compared to a use of cash of $73.0
million during the same period in 2004.  For the first six
months of 2005, investing activities provided cash of $3.20
billion compared to a use of $136.1 million for the first six
months of 2004.  Our investing activities in the three and six
months ended June 30, 2005, consists mainly of the net proceeds
from the sale of our operating assets of $3.32 billion
representing the proceeds paid by Vodafone of $3.51 billion less
cash and cash equivalents of ClearWave on the date of sale of
$177.4 million and transaction costs paid during the quarter of
$8.7 million. Shortly after the completion of the sale the
Company proceeded to convert the proceeds along with its other
cash and cash equivalents into Canadian dollars.

Other than the transaction with Vodafone investing activities
during the three and six month periods consist primarily of the
acquisition of property, plant, equipment and licenses by
MobiFon and Oskar up until the end of May 2005.  Investing
activities for the first six months of 2005 also included the
use of $6.5 million in connection with the acquisition of the
72.9% of Oskar Holdings N.V. we did not already own and $2.5
million in connection with the acquisition during the third
quarter of 2004 of a 15.46% non-controlling interest in MobiFon.
In November 2004, we entered into an agreement in principle to
acquire from non-controlling shareholders 72.9% of Oskar
Holdings in exchange for the issuance of 46.0 million common
shares of our treasury stock.  We incurred $6.7 million of
transaction expenses, of which $6.0 million was paid to, Lazard
Freres & Co. LLC, bringing the aggregate value of the
transaction to $521.9 million. One of our board members is
managing director of an affiliate of Lazard Freres & Co. LLC.
Closing occurred on January 12, 2005 and we increased our
indirect equity interest in Oskar Holdings and Oskar Mobil to
100.0%.

Affiliates of J.P. Morgan Partners, LLC, and AIG Emerging Europe
Infrastructure Fund L.P., two of our significant shareholders,
were shareholders of Oskar Holdings and received 17.4 million
and 7.0 million common shares, respectively. Our existing
interest in Oskar Holdings, prior to this acquisition was
reflected in our consolidated financial statements on a
consolidated basis.  The aggregate $521.9 million purchase for
the above transaction exceeded the carrying value of the net
assets acquired by $432.6 million.  This excess was allocated to
goodwill in the amount of $475.8 million and $43.2 million to
other fair value net decrements.  During the corresponding 2004
period, investing activities included the net proceeds from the
sale of our direct investment in Hexacom which amounted to $21.8
million offset by the use of $45.0 million of cash for the
acquisition of additional interests in our subsidiaries
including, during the second quarter of 2004, $3.6 million in
connection with the acquisition of a 13% non controlling
interest in ClearWave and $4.0 million in connection with the
acquisition of a 5.9% non controlling interest in MobiFon.

Financing activities used cash of $12.0 million for the second
quarter of 2005 and $47.3 million year to date compared to using
cash of $12.8 million for the second quarter of 2004 and
providing cash of $47.1 million for the first half of 2004. The
second quarter and year to date financing activities of 2005
include proceeds from stock option exercises of $12.3 million.
These proceeds were more than offset by distributions to non
controlling interests of $12.0 million and $15.2 million for the
three and six month periods ended June 30, 2005, respectively,
as well as by repayments of long term debt of $12.3 and $44.4
million during the same periods, respectively. The repayment of
long term debt include the repayment of the Company's equity
subordinated debentures which were the only long term debt at
the corporate level.  The source of cash provided by financing
activities in the first six months of 2004 included $76.1
million of proceeds from issuances of our common shares of which
$8.6 million was received during the second quarter.

Cash and cash equivalents totaled $3.65 billion as of June 30,
2005. Cash equivalents consist of Government of Canada Treasury
Bills and a diversified portfolio of bank deposit notes,
commercial paper and other highly liquid debt instruments
purchased with a maturity of three months or less. Cash and cash
equivalents represents the U.S. equivalent of Cdn$4.47 billion
and have an average rate of return of 2.38%.

The sale of all of the Company's assets accelerated the vesting
of all options and RSUs outstanding, with the exception of the
875,570 performance RSUs which were forfeited resulting in
3,083,168 RSUs being redeemed for Common Shares and 4,816,811
options vesting of which 1,943,349 were exercised for shares
during the quarter, which resulted in proceeds to the Company of
$12.3 million.  As a result, at the end of June 2005 the Company
has 220,223,796 Common Shares outstanding and 2,873,438 options
outstanding of which 2,872,918 are in the money.

                  Update on the Plan of Arrangement

As at June 30, 2005, the Company has not yet paid $22.1 million
(Cdn$27.1 million) of transaction and operating costs to be paid
from our cash on hand prior to the final liquidation of the
Company.  In addition the Company has not received expected
proceeds of $18.5 million (Cdn$22.7 million) from the exercise
of outstanding in the money options which are expected to be
exercised prior to the first distribution of the Company's cash.
Pro-forma for these items, cash and cash equivalents as at
June 30, 2005 would be Cdn$4.46 billion which equates to
approximately Cdn$20.00 per fully diluted share and represents
the target return of Cdn$19.96 plus investment income earned
from the date of sale to June 30, 2005.

As part of part of its Plan of Arrangement, the Company has
carried out, under the supervision of the Court, the expeditious
identification and resolution of claims.  The Court has
appointed KPMG Inc. as monitor to identify and value claims and
report to the Court and the Company on the claims received, as
well as the further steps required to deal with such claims. A
claims identification process has been conducted with regard to
any claims outstanding as of May 20, 2005.  A claims bar date
has been set at July 8, 2005.  Although the monitor has not yet
delivered its report to the Court, the Company has reviewed all
claims reported through the identification process and believes
that they have been adequately provided for in the consolidated
interim financial statements.

The Canadian and Quebec tax authorities have begun their audit
which, when completed, will result in the issuance of final tax
assessments.  Since the audit was not completed as of the claims
bar date, the tax authorities have filed a claim with the
monitor for an undetermined amount.  The Company has no control
over the audit process and estimates that it could take several
months for it to be completed.  Accordingly, the Company and the
monitor are currently in the process of determining, in
cooperation with the tax authorities, the amount of a reserve
for taxes that should be set aside, without prejudice to the
Company's filing position, pending finalization of the tax
audit.  There can be no certainty that, on completion of the
audit, the tax authorities will not propose adjustments which,
if not successfully opposed by the Company, would result in
liabilities greater than those provided for in the consolidated
interim financial statements.

As soon as the adequacy of reserves has been determined and the
monitor is in a position to deliver its report, the Company will
file a motion with the Court for a first distribution.  The
Company has scheduled a hearing on such motion to the Court in
August.  Unless waived by the Court, the decision on the first
distribution is subject to a 30-day appeal period before
becoming final.  The Company expects the payment date for the
first distribution to be approximately 21 days from obtaining a
final Court order to authorize such distribution.

Telesystem International Wireless Inc. (B+/Watch Pos/--)
-- http://www.tiw.com/-- is a leading provider of wireless
voice, data and short messaging services in Central and Eastern
Europe with over 6.1 million subscribers.  TIW operates in
Romania through MobiFon S.A. under the brand name Connex and in
the Czech Republic through Oskar Mobil a.s. under the brand name
Oskar.

TIW operates under a court supervised Plan of Arrangement to
complete the transaction with Vodafone announced on March 15,
2005, proceed with its liquidation, including the implementation
of a claims process and the distribution of net cash to
shareholders, cancel its common shares and proceed with its
final distribution and be dissolved. TIW's shares are listed on
NASDAQ ("TIWI") and on the Toronto Stock Exchange ("TIW").

CONTACT:  TELESYSTEM INTERNATIONAL WIRELESS INC.
          Jacques Lacroix
          Phone: (514) 673-8466
          E-mail: jlacroix@tiw.ca


===========
F R A N C E
===========


ALSTOM SA: Receives EUR550 Million Order from SNCF
--------------------------------------------------
National railway SNCF has confirmed to ALSTOM S.A. two orders,
worth a total of EUR550 million, for TGV Duplex train sets and
power cars.

The first order calls for the delivery of 28 TGV Duplex train
sets (24 train sets with power cars and 4 train sets without
power cars).  This is the last option of the master agreement
signed in October 2000 for the supply of 82 train sets by an
ALSTOM/Bombardier consortium led by ALSTOM.  The 28 train sets
will join the TGV Duplex fleet, which runs mainly on the TGV
Mediterranee line between Paris and Marseille.

The second order calls for the supply of 8 TGV power cars for
the TGV Est network.  These power cars form part of the master
agreement drawn up in January 2003 for 30 power cars and 31
options.  The TGV of the eastern network will run between Paris,
through eastern France, southwest Germany, Luxemburg and
Switzerland as of mid 2007.

ALSTOM's sites in La Rochelle, Tarbes, Villeurbanne, Ornans, Le
Creusot and Reichshoffen in France will be involved in both
contracts.

Philippe Mellier, president of ALSTOM's Transport sector, said
"We are delighted to play a part in SNCF's development of the
TGV network.  The success of the Mediterrannee line is a real
showcase for the TGV Duplex while the TGV East network will
boost the France-Germany rail link."

CONTACT:  ALSTOM S.A.
          25 Avenue Kleber
          75795 Paris Cedex 16
          Phone: +33-1-47-55-20-00
          Fax: +33-1-47-55-25-99
          Web site: http://www.alstom.com

          Press Relations
          G. Tourvieille
          Phone: 01 41 49 27 13
          E-mail: internet.press@chq.alstom.com

          Investor Relations
          E. Chatelain
          Phone: 01 41 49 37 38
          E-mail: investor.relations@chq.alstom.com

          SOCIETE NATIONALE DES CHEMINS DE FER FRANCAIS
          34 rue du Commandant Mouchotte
          75699 Paris Cedex 14
          Phone: +33-1-53-25-60-00
          Fax: +33-1-53-25-61-08
          Web site: http://www.sncf.fr


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G E R M A N Y
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BERLIN REGATTASTRASSE: Creditors' Claims Due Next Month
-------------------------------------------------------
The district court of Aurich opened bankruptcy proceedings
against Berlin Regattastrasse Besitz GmbH & Co. KG on June 27.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until August 18, 2005
to register their claims with court-appointed provisional
administrator Heiko Janssen.

Creditors and other interested parties are encouraged to attend
the meeting on September 15, 2005, 10:00 a.m. at the district
court of Aurich, Saal 115, Schlossplatz 2, 26603 Aurich, at
which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  BERLIN REGATTASTRASSE BESITZ GmbH & Co. KG
          Friedrich-Ebert-Str. 69, 26725 Emden
          Contact:
          Werner H. Janssen, Manager

          Heiko Janssen, Administrator
          Julianenburger Str. 19, D-26603 Aurich
          Phone: 04941/97440
          Fax: 04941/974420


DAIMLERCHRYSLER AG: Thousands of Mercedes Jobs at Risk
------------------------------------------------------
DaimlerChrysler AG is likely to drop thousands of jobs at the
Mercedes Benz division as part of its cost-cutting measures,
says Handelsblatt.

The jobs in Bremen and Sindelfingen could be the immediate
target of the redundancy plan, the report said.  Management
board member Eckhard Cordes, who is responsible for Mercedes,
will reportedly give an update today on the carmaker's cost-
cutting program called Core.  The company is also expected to
unveil second-quarter figures.

Stuttgarter Nachrichten reported earlier that 5,000 out of the
150,000 DaimlerChrysler workers in Germany could lose their
jobs; however, the carmaker refused to comment on the article.
The program will be implemented on a voluntary basis, according
to Handelsblatt, because prevailing labor contracts provide
protection against redundancies until 2012.  Severance pay is
expected to be increased, while present job openings will likely
be cancelled.

In June, Mercedes Benz's market share declined further, as car
sales across Europe soured.  A report by the European Automobile
Manufacturers Association shows a 12.8 percent decrease in
Mercedes' slice of the luxury car market, while rivals BMW and
Volkswagen's Audi division rose 23% and 17.2 percent,
respectively.

Stephen Pope, head of equity research at Cantor Fitzgerald
Europe, described the Mercedes brand as "tarnished" due to
slipups in design and engineering.  In May, DaimlerChrysler
admitted that losses incurred by Mercedes Benz dragged down
first quarter earnings to EUR288 million, a 30% decrease from
last year.

CONTACT:  DAIMLERCHRYSLER AG
          70546 Stuttgart, Germany
          Phone: +49 711 17 0
          Fax: +49 711 17 22244
          Web site: http://www.daimlerchrysler.com


DEMIR BAU: Court to Verify Claims November
------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Demir Bau GmbH on July 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until September 29, 2005 to register
their claims with court-appointed provisional administrator
Hartwig Albers.

Creditors and other interested parties are encouraged to attend
the meeting on August 18, 2005, 10;10 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report on
November 24, 2005, 10:00 a.m. at the same venue.

CONTACT:  DEMIR BAU GmbH
          Herrfurthstrasse 4, 12049 Berlin

          Hartwig Albers, Administrator
          Luetzowstr. 100, 10785 Berlin


DIGIPRO ZIMMERMANN: Creditors Meeting Set September
---------------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against digipro Zimmermann OHG on July 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until August 3, 2005 to register their
claims with court-appointed provisional administrator
Christopher Seagon.

Creditors and other interested parties are encouraged to attend
the meeting on September 14, 2005, 9:30 a.m. at the district
court of Darmstadt, Zimmer 4, Gebaude E, Landwehrstrasse 48,
64293 Darmstadt, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  DIGIPRO ZIMMERMANN OHG
          Industriestrasse 30, 68519 Viernheim
          Contact:
          Peter Zimmermann
          Schwester-Paterna-Strasse 1, 68519 Viernheim
          Bernd Zimmermann
          Adolf-Loos-Weg 57, 68519 Viernheim

          Christopher Seagon, Administrator
          Blumenstrasse 17, 69115 Heidelberg
          Phone: 06221/91180
          Fax: 06221/911866


ERSTE KOPENICKER: Last Day for Filing Claims September 29
---------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Erste Kopenicker Strasse GmbH on July 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until September 29,
2005 to register their claims with court-appointed provisional
administrator Stephan Mitlehner.

Creditors and other interested parties are encouraged to attend
the meeting on August 18, 2005, 10:20 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report on
November 24, 2005, 10:10 a.m. at the same venue.

CONTACT:  ERSTE KOPENICKER STRASSE GmbH
          Kopenicker Str. 45, 12355 Berlin

          Stephan Mitlehner, Administrator
          Walter-Benjamin-Platz 6, 10629 Berlin


FUBA PRINTED: Receives Additional Financing from Banks
------------------------------------------------------
Banks have granted a bulk credit of EUR3 million to Fuba Printed
Circuits GmbH, said EMSNow.

This is part of the restructuring plan for Europe's fourth
largest producer of printed circuit boards, which filed for
insolvency in self-administration earlier this month.

According to the report, the firm disclosed that incoming orders
have increased in recent weeks, while production plants at its
Gittelde and Dresden sites continue to operate.

Over 200 jobs remain at stake following the bankruptcy
protection; however, the company is yet to announce
redundancies.  It earlier assured workers of their salaries and
vowed to cooperate with the Company Councils and the IG Metall
regarding the job cuts and further restructuring measures.

Managing Director Andreas Ebeling blamed the global break-in of
the market for printed circuit boards as well as overcapacity
and high personnel costs.

The company, which has been existing for 46 years, reported a
turnover of EUR100 million with approximately 900 employees for
the fiscal year 2003/2004.

CONTACT:  FUBA PRINTED CIRCUITS GmbH
          Bahnhofstrasse 3
          37534 Gittelde
          Germany
          Phone: +49 (5327) 880-0
          Fax: +49 (5327) 880-200
          E-mail: infogittelde@fpc.de
          Web site: http://www.fpc.de

          Dresden Site
          Kesselsdorfer Strasse 216
          01169 Dresden
          Germany
          Phone: +49 (351) 4133-0
          Fax: +49 (351) 4133-320
          E-mail: infodresden@fpc.de


GIGA GESELLSCHAFT: Under Bankruptcy Administration
--------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against GIGA Gesellschaft fuer Leasing und
Unternehmensberatung mbH on July 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until September 17, 2005 to register their claims
with court-appointed provisional administrator Christoph
Rosenmueller.

Creditors and other interested parties are encouraged to attend
the meeting on August 18, 2005, 9:45 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report on
November 3, 2005, 9:30 a.m. at the same venue.

CONTACT:  GIGA GESELLSCHAFT FUER LEASING
          UND UNTERNEHMENSBERATUNG mbH
          Neue Grottkauer Str. 5,12619 Berlin

          Christoph Rosenmueller, Administrator
          Berliner Str. 117, 10713 Berlin


GVM COMPRESSORS: Calls in Administrator from Tiefenbacher
---------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against GVM Compressors International AG on June 29.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until August 17, 2005
to register their claims with court-appointed provisional
administrator Frank Ruediger Scheffler.

Creditors and other interested parties are encouraged to attend
the meeting on September 28, 2005, 10:45 a.m. at the district
court of Chemnitz, Saal 28, Fuerstenstrasse 21, in Chemnitz, at
which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  GVM COMPRESSORS INTERNATIONAL AG
          Contact:
          Guenter Kirsten
          Melanchthonstrasse 1, 08451 Crimmitschau

          Frank Ruediger Scheffler, Administrator
          Ulmenstrasse 14, 09112 Chemnitz
          Web site: http://www.tiefenbacher.de


HAMACHER IMMOBILIEN: Creditors' Claims Due Next Week
----------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Hamacher Immobilien Verkaufs- und
Bauprojektmanagementgesellschaft mbH on July 6.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until August 3, 2005 to
register their claims with court-appointed provisional
administrator Jorg Zumbaum.

Creditors and other interested parties are encouraged to attend
the meeting on September 19, 2005, 10:15 a.m. at the district
court of Aachen, Nebenstelle Augustastrasse, Augustastrasse
78/80, 52070 Aachen, II. Etage, Zimmer 21, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  HAMACHER IMMOBILIEN VERKAUFS- UND
          BAUPROJEKTMANAGEMENTGESELLSCHAFT mbH
          Roemonder Strasse 199, 52072 Aachen
          Contact:
          Bernd Hamacher-Schwieren, Manager
          Kaiser-Friedrich-Allee 24, 52074 Aachen

          Jorg Zumbaum, Administrator
          Zuelpicher Strasse 117, 52349 Dueren
          Phone: 02421/20854-0
          Fax: 02421/20854-26


INFINEON TECHNOLOGIES: Boardroom War Ensues
-------------------------------------------
The bribery scandal at chipmaker Infineon Technologies has
turned into a battle between supervisory board chairman Max
Dietrich Kley and former chairman Ulrich Schumacher, says Borsen
Zeitung.

Mr. Schumacher has threatened to file legal action against Mr.
Kley if the latter reiterates certain statements regarding the
bribery charges against former management board member Andreas
von Zitzewitz.  Mr. Schumacher has accused Mr. von Zitzewitz of
taking EUR259,000 in bribe money for racing sponsorship deals he
awarded to BF Consulting.  Mr. von Zitzewitz, who resigned last
weekend, is facing charges of corruption, embezzlement and tax
evasion.  Just recently, Infineon expressed doubts whether
chairman Max Dietrich Kley properly investigated the
accusations.  Mr. Kley denied acting late on the accusations.

CONTACT:  INFINEON TECHNOLOGIES AG
          P.O. Box 80 09 49
          D-81609 Muenchen
          Phone: +49-89-234-28481
          Fax: +49-89-234-28482
          E-mail: guenter.gaugler@infineon.com
          Web site: http://www.infineon.com

          For Investors and Analysts based in Europe:
          Phone: +49-89-234 26655
          E-mail: investor.relations@infineon.com

          For Investors and Analysts based in North America:
          Phone: +-1-408 501 6800
          E-mail: investor.relations@infineon.com

          Christoph Liedtke (U.S.A.)
          Phone: +1-408 501-6790
          Fax: +1-408 501-2424
          E-mail: christoph.liedtke@infineon.com

          Kaye Lim (Asia)
          Phone: +65-6840-0689
          Fax: +65-6840-0073
          E-mail: kaye.lim@infineon.com

          Hirotaka Shiroguchi (Japan)
          Phone: +81-3-5449-6795
          Fax: +81-3-5449-6401
          E-mail: hirotaka.shiroguchi@infineon.com


KOG SUEDWEST: Celle Court Appoints Administrator
------------------------------------------------
The district court of Celle opened bankruptcy proceedings
against KOG Suedwest GmbH & Co. KG on July 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until August 8, 2005 to register their
claims with court-appointed provisional administrator Peter
Knopfel.

Creditors and other interested parties are encouraged to attend
the meeting on August 19, 2005, 11:30 a.m. at the district court
of Celle, Saal 014, Erdgeschoss, Amtsgericht Celle, Nebenstelle,
Muehlenstrasse 4, 29221 Celle, at which time the administrator
will present his first report of the insolvency proceedings.
The court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  KOG SUEDWEST GmbH & Co. KG
          Biermannstr. 33, 29221 Celle
          mit Zweigniederlassung Carl-Benz-Str. 1
          74889 Sinsheim
          Contact:
          Dr. Jens Jahnke, Manager
          Andreas Koob, Manager

          Peter Knopfel, Administrator
          Hallerstr. 76, 20146 Hamburg
          Phone: 040/4146380
          Fax: 040/445635


LINK-CONVENIENCE: Creditors to Meet October
-------------------------------------------
The district court of Cuxhaven opened bankruptcy proceedings
against LINK-CONVENIENCE GMBH on July 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until September 8, 2005 to register
their claims with court-appointed provisional administrator Jan
H. Wilhelm.

Creditors and other interested parties are encouraged to attend
the meeting on October 6, 2005, 12:24 p.m. at the district court
of Cuxhaven, Saal 112, Altbau, Deichstr. 12a, 27472 Cuxhaven, at
which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  LINK-CONVENIENCE GMBH
          Prasident-Herwig-Strasse 6-8, 27472 Cuxhaven
          Contact:
          Udo Nermerich, Manager
          Birkenweg 19, 27472 Cuxhaven

          Jan H. Wilhelm, Administrator
          Am Radeberg 1, 28717 Bremen
          Phone: 0421/178765
          Fax: 0421/1787665

MAYO FEINKOST: Falls into Bankruptcy
------------------------------------
The district court of Cuxhaven opened bankruptcy proceedings
against MAYO Feinkost GmbH & Co. KG on July 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until September 8, 2005 to
register their claims with court-appointed provisional
administrator Jan H. Wilhelm.

Creditors and other interested parties are encouraged to attend
the meeting on October 6, 2005, 11:15 a.m. at the district court
of Cuxhaven, Saal 112, Altbau, Deichstr. 12a, 27472 Cuxhaven, at
which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  MAYO FEINKOST GmbH & Co. KG
          Haler Ort 7-11, 23568 Luebeck
          Contact:
          Eckert Harland, Manager
          Gut Haus 2, 23821 Rohlstorf
          Thorsten Steinert, Manager
          Tannenschlag 14, 23568 Luebeck

          Jan H. Wilhelm, Administrator
          Am Radeberg 1, 28717 Bremen
          Phone: 0421/178765
          Fax: 0421/1787665


PFLEIDERER AG: Tracking System Under Negotiation with Vossloh
-------------------------------------------------------------
The boards of management of Pfleiderer AG, Neumarkt/Opf (ISIN
DE0006764749) and Vossloh AG, Werdohl (ISIN DE0007667107) have
consented to exclusive negotiations for the sale and acquisition
of Pfleiderer track systems.  Both parties already have reached
agreement on the main legal and commercial conditions, and are
confident that negotiations will reach a successful conclusion
soon.

As part of its strategy of focusing on its core activities,
Pfleiderer AG now wishes to concentrate solely on the
international expansion of its Business Center Engineered Wood.

Pfleiderer AG
Ingolstadter Strasse 51
93218 Neumarkt
Deutschland

CONTACT:  PFLEIDERER AG
          Neumarkt
          Ulrich Korner
          Corporate Communication
          Phone: +49 (0) 9181/28-8491
          Fax: +49 (0) 9181/28-606
          E-mail: ulrich.koerner@pfleiderer.com


=============
I R E L A N D
=============


EUJET: Parent's Collapse Paralyzes Operation
--------------------------------------------
Low-fare carrier EUjet on Tuesday closed operation after its
U.K.-listed parent, aviation and property group Planestation
Group plc, fell into administration.  The shutdown left 5,400
passengers stranded.

Eujet flies to 21 destinations from Manston in Kent and Shannon
in the west of Ireland.  It has booked more than 90,000 flights
for the coming weeks.  The company intends to refund passengers
via their credit cards as its cash was still in an escrow
account and had not been drawn down, according to the Financial
Times.

Planestation called administrators Grant Thornton after Bank of
Scotland refused to plough in more cash to the company.  Eujet
was at a process of selling a 75% interest in Kent International
Airport to cover EUjet's cash requirements, which increased due
to unexpected downturn in passenger traffic in recent months.

CONTACT:  PLANESTATION GROUP PLC
          5 Berkeley Sq., Mayfair
          London
          W1J 5AB, United Kingdom
          Phone: +44-20-7495-8686
          Fax: +44-20-7493-0189
          Web site: http://www.planestation.com
          Contact:
          Richard Keith Bingham, CEO
          Martin May, COO


=========
I T A L Y
=========


PARMALAT FINANZIARIA: First-half EBITDA Up 34%
----------------------------------------------
Parmalat Finanziaria S.p.A. in Extraordinary Administration
announces the operating and financial results of the Parmalat
Group at June 30, 2005.

Scope of Consolidation

The scope of consolidation has been defined using principles
that are consistent with those adopted in preparing the
statement of income and balance sheet at December 31, 2004.
Companies that are subject to certain restrictions on their
management as a result of local bankruptcy proceedings that have
effectively placed them outside the control of Parmalat
Finanziaria S.p.A. in Extraordinary Administration, and
companies in voluntary liquidation are no longer consolidated on
a line-by-line basis.

The current scope of consolidation no longer includes companies
in which the Group held equity investments that were sold after
January 1, 2005.  The corresponding 2004 data have been restated
accordingly on a pro-forma basis. The operations divested in
2005 include the companies that comprised the U.S.A. Bakery
Division (Mother's Cake & Cookies, Archway Cookies and three
production units in Canada), which were sold in January 2005,
and Parmalat Uruguay, which was sold in February 2005.

Margherita Yogurt, which was placed in liquidation in February
2005, has also been removed from the scope of consolidation.
Following a settlement with the three U.S. companies in Chapter
11 (Parmalat U.S.A. Corporation, Farmland Dairies LLC and
Farmland Stremicks Sub LLC) and their respective bankruptcy
trustees and creditors (U.S.A. Dairy), the abovementioned three
companies have been permanently removed from the Parmalat Group.

Core Businesses

In the six months ended June 30, 2005, the Group's Core
Businesses reported slightly higher revenues than in the same
period last year. Revenues were up 1.1%, rising from EUR1,820.4
million at June 30, 2004 to EUR1,839.7 million at June 30, 2005.
EBITDA also improved, growing from EUR131.8 million (7.2% of
revenues) to EUR142.0 million (7.7% of revenues).

These data do not reflect the impact of the nonrecurring charges
related to the extraordinary administration proceedings, which
amounted to about EUR48.6 million (EUR38.8 million in 2004).
Revenues for the second quarter of 2005 (difference between the
cumulative figures at June 30 and March 31) rose sharply
compared with the previous quarter (revenues up to 8.9% to
EUR959.2 million compared with EUR880.5 million in the first
quarter; EBITDA to EUR80.2 million, or 29.8% more than the
EUR61.8 million earned in the first three months of the year),
but were little changed from the second quarter of 2004, when
revenues totaled EUR974.5 million, (-1.6%) and EBITDA amounted
to EUR81.2 million (-1.2%).

Monthly revenues (difference between the cumulative figures at
June 30 and May 31) decreased compared with the same period a
year ago (EUR308.9 million vs. EUR336.0 million).  At June 2005
EUR26.4 million, EBITDA were also lower than the amount booked
in June 2004 (EUR30.5 million).

An analysis of the Group's results in the main geographic
regions in which it operates is provided below.

Italy

The results for the first half of 2005 were somewhat lower than
those reported in the same period last year, with revenues
falling from EUR692.0 million to EUR678.2 million (-2.0%) and
EBITDA decreasing from EUR47.3 million to EUR46.1 million (-
2.5%).  The ratio of EBITDA to revenues was unchanged.

While June revenues were down in 2005 compared with June 2004
(EUR113.5 million compared with EUR117.8 million), EBITDA showed
a modest increase from EUR7.3 million to EUR7.4 million.  If the
affiliate Boschi S.p.A. in Extraordinary Administration is
excluded, the performance of the Italian operations improved in
the fist six months of 2005, with revenues up slightly and
EBITDA almost unchanged.

Market data show a modest contraction in the demand for fresh
milk, but the Group increased its share of the UHT segment, due
mainly to gains by the Zymil brand.  The Parmalat and Kyr
product lines performed well in the yogurt segment, despite the
intense competition that characterizes this market. The fruit
juice operations also showed good growth.

Spain

Revenues for the first half of 2005 were down 4.2% to EUR109.5
million (EUR114.3 million in 2004), but EBITDA increased both in
absolute terms (up from EUR7.9 million to EUR8.1 million) and as
a percentage of revenues (up from 7.0% to 7.4%).

In June 2005, net revenues and EBITDA decreased, totaling
EUR21.6 million and EUR1.6 million, respectively (EUR23.3
million and EUR2.0 million, respectively, in 2004), but the
trend showed signs of improvement compared with the earlier
months of the year.

The start of promotional and advertising campaigns for products
that are traditionally affected by seasonal factors (e.g.,
flavored milk beverages) and products that are being launched or
repositioned (e.g., Santal Top fruit juices and Active Soja) had
a positive effect on unit sales, which rose enough to offset the
impact of higher promotional and advertising costs on
profitability.  Nevertheless, the Group's companies in Spain are
still faced with the challenges discussed in previous press
releases, which include an overall decrease in consumer demand
and an extremely competitive market environment (especially in
the yogurt and dessert businesses).

South Africa

In the first six months of 2005, the South African operations
reported significantly better results than in the same period
last year.  Net revenues increased from EUR113.1 million to
EUR134.4 million (+18.8%) and EBITDA jumped 46.2%, rising from
EUR9.3 million (8.2% of revenues) to EUR13.6 million (10.1% of
revenues).

June revenues totaled EUR21.2 million and EBITDA amounted to
EUR2.2 million (10.4% of revenues).  Both revenues and EBITDA
were significantly higher than in June 2004.

Rising demand from consumers concerned with quality and
wellness, who were responding to a timely increase in
advertising and promotional investments; gains in production
efficiency; and the steadily expanding coverage of the
distribution network caused unit sales to grow in the first half
of 2005 (pasteurized cream was the sole exception) compared with
the same period last year.  A reduction in overhead and the rise
in the value of the South African rand versus the euro (+2.9% at
the average exchange rate for the January-June 2005 period) were
also positive factors. Market share was also up in the fruit
juice, yogurt and cheese segments.

Venezuela

Even though revenues decreased to EUR71.6 million (EUR74.8
million in the first six months of 2004), the profitability of
the Venezuelan operations improved dramatically during the first
half of 2005. EBITDA rose both in absolute terms (from EUR2.1
million to EUR6.1 million) and as a percentage of revenues (from
2.7% to 8.5%).

In June 2005, revenues totaled EUR12.6 million and EBITDA
amounted to EUR0.6 million (4.8% revenues), up from EUR12.1
million and EUR0.4 million, respectively, in June 2004.

While unit sales were down overall compared with the previous
year, a shift in the sales mix contained the decline in
revenues. A reduction in raw material costs and overhead, and
the successful streamlining of the product line account for the
improvement in profitability.  However, promotional expenses
were higher than in the same period last year.  Lastly, it is
important to keep in mind that the data in euros presented in
this press release reflect the negative impact of a slide in the
value of the bolivar (-17.7% compared with the average exchange
rate for the period).

Canada

In the first six months of 2005, revenues increased to EUR599.5
million, or 7.5% more than the EUR557.6 million booked in the
same period last year. EBITDA were also up, rising from EUR35.6
million to EUR45.4 million (+27.5%). As a result, the ratio of
EBITDA to revenues improved from 6.4% to 7.6%.

In June 2005, the Canadian operations reported higher revenues
and EBITDA (EUR99.2 million and EUR10.0 million, respectively)
than in June 2004, when the corresponding figures were EUR93.0
million and EUR8.4 million, respectively.

Steady overall unit sales and a reduction in variable production
costs and overhead are the main reasons for this improved
performance.  The Canadian dollar appreciated versus the euro
during the first six months of 2005, with the average exchange
rate rising by 3.3% compared with the same period in 2004.

Australia

Revenues for the first six months of 2005 grew to EUR193.3
million, up from EUR182.6 million in 2004.  EBITDA were also up,
rising both in absolute terms (from EUR13.8 million to EUR15.0
million) and as a percentage of revenues (from 7.6% to 7.7%).

In June 2005, net revenues totaled EUR32.6 million and EBITDA
increased to EUR2.5 million (EUR2.1 million in June 2004).
Higher unit sales (especially pasteurized milk and yogurt) and a
shift in the sales mix contributed to these improved results. At
the same time, the launch of new streamlining projects (closure
of two production facilities, exit from unprofitable product
areas and markets and divestiture of non-strategic assets, such
as a Coca-Cola bottling franchise) offset the negative impact of
the higher prices paid for milk and packaging materials during
the first half of 2005.

There was no significant difference between the average exchange
rates for the first six months of 2005 and
2004.

Non-core Businesses

In the first six months of 2005, the Group's Non-core Businesses
reported revenues of EUR125.3 million, a decrease of 22.3% from
pro forma revenues of EUR161.2 million in the same period last
year.

However, even though net revenues were down, chiefly as a result
of the divestiture of the Mexican operations in 2004, EBITDA
improved from a negative EUR15.1 million to a positive EUR11.1
million, due mainly to the successful implementation of cost
cutting programs by the Group's other operations.

Revenues for the month of June were EUR17.8 million and EBITDA
amounted to EUR1.5 million.

Full copy of Parmalat's first half results can be viewed free-
of-charge at http://bankrupt.com/misc/Parmalat(1h2005).pdf.

CONTACT:  PARMALAT FINANZIARIA S.p.A.
          Legal Seat
          43044 Collecchio (Pr)
          Via Oreste Grassi, 26

          Administrative Seat
          20122 Milan
          Piazza Erculea, 9
          Phone: +39 02 806 8801
          Fax: +39 02 869 3863
          Web site: http://www.parmalat.net


PARMALAT FINANZIARIA: Names New Director
----------------------------------------
The Board of Directors of Parmalat Spa appointed on July 25,
2005 Director of the Company Mr. Nicola Walter Palmieri in
replacement of Mr. Bruno Cova, who resigned on July 18, 2005.

Mr. Nicola Walter Palmieri is in charge for Legal Affairs of the
Parmalat Group in Extraordinary Administration and has been in
charge for Legal Affairs of Montedison Spa (1994-2000) and of
BASF Corporation for North America (1981-1994).

He is admitted to the Bar in New York (Southern District), in
Montreal and in Milano.  The Board of Directors of Parmalat has
expressed to Bruno Cova appreciation for the activities
performed during his directorship.

CONTACT:  PARMALAT FINANZIARIA S.p.A.
          Legal Seat
          43044 Collecchio (Pr)
          Via Oreste Grassi, 26

          Administrative Seat
          20122 Milan
          Piazza Erculea, 9
          Phone: +39 02 806 8801
          Fax: +39 02 869 3863
          Web site: http://www.parmalat.net


WIND TELECOMUNICAZIONI: Fitch Rates Senior Bank Debt 'BB'
---------------------------------------------------------
Fitch Ratings has assigned Italy-based Wind Telecomunicazioni
S.p.A ratings of Senior Unsecured 'B+' with a Stable Outlook.
The short-term rating is 'B'.  At the same time, Fitch has
assigned Wind's EUR6.85 billion first priority senior secured
facilities an expected 'BB' rating, and its EUR700 million
second lien facilities an expected 'BB-' (BB minus) rating.  The
assignment of the final ratings is contingent on receipt of
final documents conforming to information already received.

Stefano Podesta, Director in Fitch's Leveraged Finance group,
said: "While Fitch recognizes there may be opportunities for
further top-line growth and improved profit margins as the
business matures, Wind's new owners will have to demonstrate
their ability to deliver improving results quarter-on-quarter in
a market that is becoming increasingly competitive.  This
implies that Wind's business plan is still subject to a certain
degree of execution risk."

The Senior Unsecured 'B+' rating reflects Wind's strong and
still developing operational performance, further opportunities
for improved EBITDA and cash flow generation, and the relative
degree of financial flexibility available to the company in the
first two years following the acquisition by Weather.  These
factors are partly offset by a combination of initially high
leverage multiples and debt servicing costs but also by
execution risks inherent in Wind's growth strategy.  The rating
also factors in the high degree of competition in the fixed-line
market and the increasingly competitive nature of the mobile
telecoms environment in Italy.

The 'BB' rating for the first priority senior secured facilities
reflects the strong security package consisting of both share
and asset security.  Fitch considers that in a potential
distressed scenario, a sale of the business as a going concern,
either as a whole or split between fixed and mobile elements,
would be the more likely route to deliver most value for
lenders.  In this respect, the EBITDA multiples required to
achieve recovery rates for senior secured lenders in excess of
80% appear achievable.  This is reflected in the two-notch
differential between Wind's Senior Unsecured and senior secured
rating; a rare occurrence in the relatively creditor-unfriendly
Italian jurisdiction.

The 'BB-' (BB minus) rating for the second lien facility
similarly reflects the strong security package but is
constrained by the second lien lenders' second-ranking priority
with respect to such security.

On 26 May 2005 Enel S.p.A. agreed to sell its shareholding in
Wind for EUR12.1 billion (excluding fees) to Weather, a company
controlled by Naguib Sawiris, the Chairman and CEO of Egypt-
based Orascom Telecom.  Wind operates a mobile and fixed line
telecommunications business in Italy and reported revenues of
EUR4,715 million and EBITDA of EUR1,554 million for 2004, with
the mobile business making up 74% of EBITDA.  Revenues from
Wind's mobile operations were flat year-on-year for the first
half of 2005, but a recovery and gradual upward trend in mobile
customer spend through the period, combined with an increase in
customers to 12.9 million from 11.6 million, indicate an
improvement is likely in the second half of the year.  Fixed-
line revenues fell year-on-year in the first half, due to a
reduction in voice and narrowband customers in a highly
competitive market.  Fitch considers this market to be
challenging for non-incumbent operators and expects increased
price competition, particularly in broadband.  Wind's EBITDA
margins for the combined businesses improved further to 32.7%
for H1 2005 (from 29.2% in H1 2004).

With acquisition debt of EUR9.3 billion, the Wind purchase will
be the largest acquisition financing in Europe.  However, in
contrast to typical leveraged acquisition targets, Wind is a
company that has yet to reach maturity in terms of EBITDA
margins and cash flows.  Wind turned free cash flow positive in
2004, and Fitch views Wind's ability to generate significant and
improving positive cash flow in 2005 and 2006 as essential to
the maintenance of the current rating.  Although capital
expenditure requirements for the business remain substantial,
there is potential upside in terms of savings from Wind's more
significant purchasing power when combined with that of Orascom
Telecom under the Weather ownership umbrella.

CONTACT:  FITCH RATINGS
          Stefano Podesta, London
          Phone: +44 (0)20 7417 4316
          Michelle De Angelis
          Phone: +44 (0)20 7417 3499
          Stuart Reid
          Phone: +44 (0)20 7417 4323
          Web site: http://www.fitchratings.com

          Media Relations
          Alex Clelland, London
          Phone: +44 20 7862 4084


WIND TELECOMUNICAZIONI: S&P Rates Senior Secured Debt 'B+'
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' corporate
credit rating to Italian alternative telecommunications services
provider Wind Telcomunicazioni S.p.A.  The outlook is positive.
At the same time, Standard & Poor's assigned its 'B+' debt
rating to Wind's EUR6.85 billion senior secured credit facility
and a recovery rating of '2', indicating our expectation of
substantial recovery (in the range of 80%-100%) of principal for
senior secured lenders in the event of a payment default.

Standard & Poor's also assigned its 'B' debt rating to Wind's
EUR700 million second-lien credit facility.

"The ratings on Wind are constrained by the company's initially
very high financial leverage and the relatively weak position of
its fixed-line operation," said Standard & Poor's credit analyst
Leandro de Torres Zabala.

"The ratings are supported, however, by the company's
established position as the third-largest mobile operator in the
attractive Italian market, a supportive regulatory environment,
and expected generation of meaningful free cash flow from 2005,
despite sizable capital investments in the continuing
development of its networks," added Mr. de Torres Zabala.

There is potential for a rating upgrade in the medium term, if
Wind consistently raises its free cash flow generation profile,
and critically, reduces its financial leverage to a ratio of
adjusted net debt to recurring EBITDA below 5.0x.  To this
effect, it is critical that Wind successfully defends its
position as Italy's third-largest mobile operator, significantly
grows revenues in mobile services and broadband access, stems
the erosion of fixed voice revenues, and maintains operating and
capital expenditures at moderate levels.

Ratings information is available to subscribers of RatingsDirect
at http://www.ratingsdirect.com. It can also be found at
http://www.standardandpoors.com. Alternatively, call one of the
following Standard & Poor's numbers: Client Support Europe (44)
20-7176-7176; London Press Office Hotline (44) 20-7176-3605;
Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm
(46) 8-440-5916; or Moscow (7) 095-783-4017.  Members of the
media may also contact the European Press Office via e-mail on:
media_europe@standardandpoors.com.

CONTACT:  STANDARD AND POOR'S RATING SERVICES
          Group E-Mail Address
          CorporateFinanceEurope@standardandpoors.com


===================
K A Z A K H S T A N
===================


KAZAKHSTAN BANKS: Counterparty Credit Ratings Upgraded
------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its
counterparty credit ratings on several Kazakhstan-based banks as
follows:

(a) Kazkommertsbank JSC (KKB) long-term rating to 'BB' from 'BB-
', outlook stable; 'B' short-term rating affirmed;

(b) Halyk Savings Bank of Kazakhstan (Halyk) long-term rating to
'BB-' from 'B+', outlook stable; 'B' short-term rating affirmed;

(c) ATF Bank (ATFB) long- and short-term ratings to 'B+/B' from
'B/C', outlook stable; and

(d) JSC Nurbank long-term rating to 'B' from 'B-', outlook
stable; 'C' short-term rating affirmed.

At the same time, the outlook on Joint Bank Lariba Bank JSC
(Lariba) was revised to positive from stable and the long- and
short-term counterparty credit ratings on the bank were affirmed
at 'B-/C'.  Standard & Poor's also affirmed its 'BB-/B' long-
and short-term counterparty credit ratings on Bank TuranAlem
(BTA).  The outlook on BTA is positive.

"The very supportive economic growth in the Republic of
Kazakhstan, progress in the legal and regulatory framework, and
better internal risk-management systems have led to enhanced
creditworthiness and commercial profiles for the domestic
banking sector over the past few years," said Standard & Poor's
credit analyst Ekaterina Trofimova.

Nevertheless, Kazakh banks' creditworthiness remains constrained
by limited ownership transparency, strong pressure on
capitalization, limited business diversification, and high loan
and funding concentrations.

"The sector's fast loan growth and rising external liabilities
are boosting leverage and could trigger significant asset
quality problems in the event of a major economic downturn,"
added Standard & Poor's credit analyst Magar Kouyoumdjian.

Intensifying expansion at some large Kazakh banks into other
higher risk Commonwealth of Independent States (CIS) markets,
mainly Russia, is also a source of concern.

The upgrade on KKB reflects the bank's sustained leading
commercial position in Kazakhstan, increased diversification
into small and midsize enterprise and retail sectors, and
strengthened risk management.  The ratings are constrained,
however, by the rapid loan growth and significant concentrations
in lending and funding.  Furthermore, fast loan growth has
pressurized capitalization, which should be addressed soon.

The upgrade on Halyk reflects the bank's consistent progress in
strengthening its financial and business profiles over the past
few years.  The bank's strong market position and ample
liquidity stemming from large customer deposits also support the
ratings.  These positive factors are constrained by the still-
high-risk economic environment in Kazakhstan, and the bank's
fast loan growth and marginal capitalization.

The upgrade on ATFB reflects the bank's fairly good track record
of strong financial performance and business growth, improving
customer franchise, and continued shareholder support through
participation in capital increases.  These positive factors are
still constrained by the bank's concentrations in funding,
limited capitalization, and rapid loan growth.

The upgrade on Nurbank reflects the bank's improving franchise
and diversification and business growth. During the past few
years, the bank has made progress in solidifying its business
base in Kazakhstan and in upgrading its infrastructure and
systems.  We also view the new capital increase of Kazakhstan
tenge (KZT) 2.0 billion ($15.3 million) raised in November 2004
in a positive light, although this is only enough to maintain
capitalization at its current marginal level.  The ratings on
Nurbank remain constrained by the bank's small size, which
exposes it to high concentration risks, and expectation that
capital will reduce rapidly without further capital increase.

The outlook revision on Lariba reflects the satisfactory
development of the bank's niche franchise, consistently high
profitability, and strong capitalization.  The ratings on the
bank are constrained by its small absolute size (with total
equity of US$12 million at March 31, 2005), tiny market position
in the increasingly competitive banking sector, and high loan
and deposit concentrations.

The ratings affirmation on BTA reflects our expectation that the
bank will address its very tight core capitalization in the near
term to provide greater support for its projected high growth.
Failure to address the above-mentioned issue could result in the
outlook being revised to stable.  Future rating evolution is
also subject to BTA managing its still-high single-party
concentrations, addressing its increasing lumpiness in funding,
and maintaining risk exposures in overseas markets within
specified limits.

BTA's relatively strong financials and good infrastructure
position it well to take advantage of the current positive
economic trends and to mature with the market and diversify its
revenue and product streams.

For further information on these rating actions, see associated
research updates published on RatingsDirect, Standard & Poor's
Web-based credit analysis system, under the names of the
individual banks concerned.

For Standard & Poor's most recent overview of the Kazakh banking
industry, please see the report "Heightened Risks For Kazakh
Banks From Fast Credit Growth And Interregional Expansion",
published on RatingsDirect, on June 13, 2005.

Ratings information is available to subscribers of RatingsDirect
at http://www.ratingsdirect.com. It can also be found at
http://www.standardandpoors.com. Alternatively, call one of the
following Standard & Poor's numbers: Client Support Europe (44)
20-7176-7176; London Press Office Hotline (44) 20-7176-3605;
Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm
(46) 8-440-5916; or Moscow (7) 095-783-4017.  Members of the
media may also contact the European Press Office via e-mail on:
media_europe@standardandpoors.com.

CONTACT:  STANDARD AND POOR'S RATING SERVICES
          Group E-Mail Address
          FIG_Europe@standardandpoors.com


=====================
N E T H E R L A N D S
=====================


BASELL B.V.: S&P Downgrades Rating to 'B+'; Outlook Stable
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Netherlands-based plastics producer
Basell B.V. to 'B+' from 'BB+' and removed the ratings from
CreditWatch, where they were first placed on Dec. 10, 2004.
The outlook is stable.

"The downgrade reflects the new, highly leveraged financial
structure put in place after Basell was acquired by Access, an
affiliate of Access Industries, a U.S.- based industrial holding
company," said Standard & Poor's credit analyst Tobias Mock.
The transaction has been approved by antitrust authorities and
is expected to be closed on Aug. 1, 2005.

At the same time, Standard & Poor's assigned its 'B+' bank loan
rating to Basell's EUR1.85 billion senior secured facilities,
the same level as the corporate credit rating, with a recovery
rating of '2', indicating our expectation of substantial
recovery (in the range of 80%-100%) of principal for senior
secured lenders in the event of a payment default.  The ratings
are subject to final documentation.

In addition, the proposed 10-year EUR1.1 billion high yield bond
at Nell A.F. S.a.r.l., was assigned a 'B-' debt rating, two
notches below the corporate credit rating, reflecting the level
of secured debt ranking ahead.

Furthermore, Standard & Poor's lowered to 'B-' from 'BB+' the
debt rating on the existing 8.1% $300 million notes issued by
Basell Finance Co. B.V. maturing in 2027 as well as to the 7.6%
$300 million notes issued by Basell America Finance Corp.
maturing 2007.

The 'BB+' corporate credit ratings on Basell Holdings N.V. were
withdrawn at the request of the company owing to the
restructuring.  It should be noted that the debt previously
guaranteed by Basell Holdings N.V. is now guaranteed by Basell
B.V.

The ratings reflect Netherlands-based Basell B.V.'s position as
one of world's largest producers of highly cyclical commodity
plastics, being the largest producer of polypropylene (PP)
worldwide, and the largest producer of polyethylene (PE) in
Europe.  In addition, Basell enjoys a very strong technological
position in these production processes and is the world's
largest licenser of polyolefins process technologies. In
addition, the strong position in Polypropylene is a positive
rating factor, as key competitors, such as PP producers in the
Middle East, currently have similar cost positions.

The ratings on Basell are constrained due to its high leverage
after the group's former shareholders, the Royal Dutch/Shell
Group of Companies (Shell; AA/Stable/A-1+) and BASF AG (AA-
/Stable/A-1+) sold their stakes to Access for a total of EUR4.4
billion. The transaction will be 80% debt financed, with a 20%
equity injection from Access.

"Key challenges for the industry remain the high cyclicality on
the supply side driven by often abrupt changes in feedstock
prices (for example Naphtha) and capacity additions in the
industry," said Mr. Mock.  The Naphtha price, for example, is
directly linked to the oil price and in the past three years has
more than doubled, whereas the price for Ethylene, the key
monomer, has even tripled.  High volatility in crude oil prices
usually has a negative impact on Basell's cash flow, as selling
prices cannot absorb this effect quickly enough.  In addition,
the currently high oil price is a clear advantage to competitors
in the Middle East, which benefit from fixed gas prices at
levels significantly below the world market price.  Therefore,
Polyolefin capacities will increase in those advantaged
feedstock regions from about 10 million tons (2004) to about 24
million tons by 2010, while in Europe and North America no
substantial increases are expected.  The peak of the polyolefin
cycle is therefore expected in 2007 or 2008, but some
uncertainty remains.  With new capacities in place, operating
rates are expected to decline putting pressure on selling
prices.

Basell's profitability at March 30, 2005, reached 10.5%,
doubling from 2003 when the margin hit the bottom at 5.5%.
Standard & Poor's expects the trading environment for
polyolefins to improve further, and to reach the peak in two
years time.  Based on these industry trends, Basell's current
leverage is expected to improve in the coming years, benefiting
significantly from above-cycle cash flow generation.  Standard &
Poor's pro forma calculations, taking into account the past
twelve months ending March 2005, results in funds from
operations (FFO) to fully adjusted net debt of about 13% and
fully adjusted net debt to EBITDA of 5.4x. The capital structure
is very aggressive with 80% of the total capital debt financed,
especially on back of the cyclical nature of Basell's business.

"The stable outlook reflects Standard & Poor's expectations that
Basell will benefit at least for another two years from above
cycle cash flow generation and improve its financial profile in
2006 and 2007 to reach FFO to fully adjusted net debt of about
15% and net debt to EBITDA of about 4x through the cycle," said
Mr. Mock.  Nevertheless, Basell remains active in a well-known
highly cyclical business, which is exposed to volatility in oil
prices and capacity additions in the industry. If a peak were to
occur sooner than 2007 this would have negative implications for
the rating, whereas a delay would be positive.  In addition,
competition from Middle East players, which are planning to
significantly increase their capacity by 2008, could
significantly impact the market prices for PP and PE.

Ratings information is available to subscribers of RatingsDirect
at http://www.ratingsdirect.com. It can also be found at
http://www.standardandpoors.com. Alternatively, call one of the
following Standard & Poor's numbers: Client Support Europe (44)
20-7176-7176; London Press Office Hotline (44) 20-7176-3605;
Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm
(46) 8-440-5916; or Moscow (7) 095-783-4017.  Members of the
media may also contact the European Press Office via e-mail on:
media_europe@standardandpoors.com.

CONTACT:  STANDARD AND POOR'S RATING SERVICES
          Group E-Mail Address
          CorporateFinanceEurope@standardandpoors.com


BASELL B.V.: Moody's Lowers Outstanding Debt to B2
--------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Ba3
Corporate Family Rating to Nell AF s.a.r.l. and a provisional
(P)B2 rating to Nell AF's proposed EUR1.1 billion Senior Notes
due 2015.  Moody's has also assigned a provisional (P)Ba3 rating
to Nell AF's proposed EUR1.85 billion senior secured credit
facilities.  Moody's has also downgraded to B2 from Ba2 the
ratings assigned to the 2007 and 2027 senior unsecured debt
instruments issued by Basell America Finance Corp and Basell
Finance Company B.V, respectively, and guaranteed by Basell B.V.

The outlook for all ratings is stable.   The rating actions
conclude the review for possible downgrade, which was maintained
on the 2007 and 2027 bonds on May 5, 2005 following an initial
rating downgrade.

Moody's issues provisional ratings in advance of the final sale
of securities, and these ratings only represent Moody's
preliminary opinion.  Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavour
to assign definitive rating to the securities.  A definitive
rating may differ from a provisional rating.

Transaction Overview

On May 5, 2005, BASF AG and Shell agreed to sell their joint
venture Basell B.V to Access Industries for a net cash
consideration of approximately EUR4.4 billion (including pension
obligations and excluding fees).  Nell AF s.a.r.l is the
acquisition vehicle used by Access Industries to acquire the
capital of Basell B.V and subsidiaries.  Moody's expects the
transaction to close on August 1, 2005.  The funding of the
consideration includes a new package of debt financing
instruments, including the rated instruments, a rollover of
certain legacy debt instruments, including the 2007 and 2027
bonds as well as a cash equity injection of EUR860 million.

Rating Rationale

The provisional (P)Ba3 Corporate Family Rating assigned to Nell
AF reflects:

(a) The absolute scope and revenue size of the Basell group,
    underpinned by its leading global positions in the
    polyolefins (PO) industry;

(b) The technological strength of the group in terms of
    production know-how and licensing capabilities, which
    provide a certain degree of stability to margins and cash
    flow;

(c) Expectations of above-GDP growth in demand for polypropylene
    and polyethylene, driven by product versatility and
    continued inter-material substitution; and

(d) An expectation of a gradual improvement in polyolefin demand
    and capacity utilization rates, largely driven by a fairly
    benign industry outlook, which should continue for at least
    the next two years; and

(e) the geographic diversity of the group as well as its
    potential to strengthen its positions in key Asian and
    Middle East markets through its joint ventures, which also
    provide lower cost feedstock to the operations.  Moody also
    notes the significant cost savings already achieved by the
    group, which have provided it with additional flexibility
    during cyclical troughs.  It is expected that further cost
    reductions per ton can be achieved in the future.

However, the Corporate Family Rating also takes into
consideration:

(a) The group's elevated leverage at 4.7x Net debt/EBITDA on a
    pro-forma basis (including deferred financing fees) and 5.3x
    on an adjusted debt/EBITDAR basis, and the associated
    sizeable debt service requirements in the context of the
    cyclical nature of the PO industry segment in which it
    operates;

(B) the extent to which cash flows can endure broad swings in
    the polyolefin business invariably linked to demand/supply
    imbalances, fluctuations in oil prices and the impact of
    US$/EUR exchange rates;

(c) The asset-intensive nature of the business, which requires
    significant economies of scale and re-investment spending;

(d) The potential future structural weakness of having a high
    percentage of assets located in Europe relative to Asia and
    the Middle East, where stronger demand and increased supply
    are expected in the future; and

(e) The low visibility and uncertainties with regard to being a
    major supplier to the auto industry.

Structural Considerations

The (P)Ba3 rating assigned to the EUR1.85 billion senior secured
credit facilities recognizes the priority position of the
facilities within the capital structure and the benefits
provided by the guarantee and security package, which comprises
approximately 85% of group assets and cash flows.  Moody's,
however, notes that local laws can often provide certain
limitations with regard to the efficiency of the security and
guarantees at the time of enforcement.  The senior secured
credit facilities account for approximately 50% of the capital
structure and, in a severe downside scenario, the lenders may
incur loss of principal and interest.

The (P)B2 rating on the proposed EUR1.1 billion senior notes
reflects the structurally subordinated position of the
instrument to the bank lenders, although the notes are expected
to benefit not only from a second-lien security package,
including a pledge over the high loan proceeds and a pledge of
100% of the shares of Nell Funding s.a.r.l.  (100% shareholder
in Nell AF), but also from senior subordinated guarantees from
approximately 50% of the operating assets and cash flow.  The
guarantees are, however, subject to certain contractual
enforcement limitations vis-a-vis the secured bank lenders.
Moreover, the senior notes indenture does allow for certain
restricted payments within the carve-outs, although Moody's does
not consider these to be material in the context of the existing
leverage.

The downgrade to B2 from Ba2 of the ratings assigned to the
legacy unsecured US$300 million 2007 bonds and the US$300
million 2027 bonds guaranteed by Basell B.V and issued via
Basell America Finance Corp and Basell Finance, respectively,
reflects the weak position of these instruments relative to that
of the sizeable senior secured lenders ranking ahead.  The bonds
benefit from an unsecured senior guarantee provided by Basell
B.V, which is a sub-holding company whose assets are equity
stakes in key businesses within the group.  The value of the
guarantee in a downside scenario is, however, uncertain relative
to other creditors including the new senior notes.  In addition,
recovery potential is dependent upon Basell B.V and subsidiaries
being sold whole as a going-concern in contrast to a selective
break-up of the group, which would invariably give prior benefit
to those creditors benefiting from upstream guarantees from the
individual operating subsidiaries.  As a result, Moody's has not
distinguished between the new senior notes and the legacy
instruments.

Liquidity

The group's liquidity is supported by an un-drawn EUR350 million
revolving credit facility and a partially drawn EUR650 million
securitization facilities.

Rating Outlook

The rating outlook is stable, reflecting an expectation that the
current benign environment in the PO market will continue to
benefit the cash generation of the group over the next two
years, allowing for a reduction in the initial high indebtedness
and providing a greater cushion within the agreed covenant
package.  Moody's expects modest changes in the group's profile,
including small bolt-on acquisitions.  Although capital
expenditure limitations, dividend restrictions and cash flow
sweeps provide for a strict usage of cash flow, Moody's cautions
that a sharp early deterioration in market conditions would be
likely to place pressure on the highly leveraged capital
structure.  Should EBITDA margins weaken below 8%, pressure
would be exerted on the current rating category.  Conversely,
only if leverage were to be nearer four times would Moody's
consider upgrading the corporate family rating above the current
Ba3 level.

Company Summary

Nell AF s.a.r.l is the acquisition vehicle used by Access
Industries to acquire the capital of Basell B.V and
subsidiaries.  Basell is headquartered in Hoofddorp, the
Netherlands.  It is the largest global producer of polypropylene
and advanced polyolefins, generating consolidated sales of
EUR6.7 billion in 2004.

CONTACT:  MOODY'S DEUTSCHLAND GMBH (FRANKFURT)
          Michael West, Managing Director
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          MOODY'S INVESTORS SERVICE LTD. (LONDON)
          Elena Nadtotchi, Vice President - Senior Analyst
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


LYCOS EUROPE: Net Loss Down 37% to -EUR16.5 Million
---------------------------------------------------
Half-year highlights:

(a) total revenues improve by 29% and amount to EUR61.5 million;
    EBITDA improved by 46% to EUR(11.7) million; net loss
    diminished by 37% to EUR(16.5) million; gross margin jumps
    from 41% in 2004 to 52% in 2005;

(b) EBITDA excluding restructuring charges with EUR(6.2) million
    in the first six months of 2005 subsequently improved by 70%
    versus last year's period; and

(c) cost optimization measures prove to be cornerstone for
    ongoing result improvements.

LYCOS Europe N.V. has reported its results for the first six
months of 2005.  The second quarter and the first six months of
the current financial year prove that LYCOS Europe is in good
shape to meet the challenges on the way to profitability in the
full year 2006.

An increase of 29% to EUR61.5 million in total revenues in the
first half year (vs. EUR47.6 million in the reference period
2004) mirror the ongoing successful efforts to widen LYCOS
Europe's customer base.  LYCOS Europe again was able to raise
the gross margin clearly by 26% to 52% (vs. 41% in the first
half year 2004).

The EBITDA result was improved by 46% to EUR(11.7) million (vs.
EUR(21.6) million in the first half year 2004) and by this
represents the best level in the first six months since going
public in the year 2000.  The ongoing increase in revenues along
with subsequent cost optimization measures are the reason for
this development, which is also mirrored in the improvement of
net loss by 37% to EUR(16.5) million (vs. EUR(26.3) million in
the reference period 2004).

Excluding restructuring charges, which origin in a cost
optimization program started at the end of 2004, EBITDA would
have improved on a pro-forma basis compared with last year's
first six months by 70% to EUR(6.2) million.  The cost
optimization measures have been deployed by 68% per May 2005
already and will lead to an annual cost reduction of EUR30
million with a full impact in 2006.

Each, with a 34% share of total revenues, paid services &
shopping as well as interconnect have been the strongest
contributors to total revenues, followed by advertising revenues
with a share of 31% (others contributed 1%).  This equal
distribution of revenues represents a balanced business model
LYCOS Europe was steadily establishing in the past years.  The
improvement in total revenues is primarily due to a 50% increase
of revenues from paid services & shopping to EUR20.8 million
(compared to EUR13.9 million in 2004) as well as a boost of 73%
to EUR 20.8 million in the interconnect business (compared to
EUR12.0 million in 2004).  The latter was driven mostly by the
integration and consolidation of the former Tiscali Sweden
access customer base, which had already been acquired in 2004 by
Spray Networks, a wholly owned LYCOS Europe subsidiary.

LYCOS Europe managed to show a stable advertising business in
the second quarter of 2005 again after experiencing a decline of
15% in the first quarter due to internal restructurings.  Even
though advertising is back on track in the second quarter,
advertising revenues in the first six months faced a dip by 8%
to EUR19.2 million (vs. EUR20.8 million in the reference period
2004).

Even though revenues increased by 29% or by EUR13.8 million,
respectively, cost of revenues only slightly increased by EUR1.4
million to EUR29.4 million.  Therefore the gross margin improved
by 26% especially as a result of continuous cost reduction
efforts.

LYCOS Europe succeeded in strengthening the reach of its pan-
European portal network and gained 3.7 million new unique users
compared to last year (year-on-year), so that around 20% (22.8
million) of all European Internet users visit the LYCOS pages on
a regular basis.  Intelligent content integrations, advertising
cooperations as well as product innovations and the focused
access activities with around 350,000 customers accounted for
this clear upward trend.

In the second quarter of 2005, total revenues amounted to
EUR31.5 million, showing an increase of 32% compared to the same
period last year.  EBITDA improved by 49% to EUR(6.1) million,
mainly as an effect of the ongoing cost optimization program and
subsequent revenue growth.  For the same reason, net loss
improved by 42% from EUR(14.4) million in 2004 to EUR(8.4)
million in 2005.  Second quarter's gross margin increased to 54%
in 2005 compared with 43 percent in 2004.

LYCOS Europe's cash, cash equivalents and deposits amounted to
EUR111.0 million on June 30, 2005, compared to EUR146.5 million
on June 30, 2004.  The reduction in the second quarter of 2005
was EUR3.8 million.

Christoph Mohn, CEO of LYCOS Europe N.V., said: "Only half a
year after the implementation of our cost optimization program
the success is more than apparent.  Our existing products show a
sound development.  The innovative premium products perform very
well.  Acquisitions strengthening our core business were
integrated fast and successfully.  We see the company on a good
track to be profitable in the next year."

CONTACT:  LYCOS EUROPE N.V.
          Richard Holkade 36
          2033 PZ Haarlem
          Niederlande
          Web site: http://www.lycos-europe.com

          Sandra Steltenkamp
          Manager, Investor Relations
          Phone: +49-(0) 5241-80-71053
          Fax: +49-(0) 5241-80-671101
          E-mail: sandra.steltenkamp@lycos-europe.com


===========
R U S S I A
===========


AFANASIY-BEER: Calls in Insolvency Manager
------------------------------------------
The Arbitration Court of Tver region has commenced bankruptcy
supervision procedure on open joint stock company Afanasiy-Beer
(OGRN 10269005185677, TIN 6901001868).  The case is docketed as
A66-4310/2005.  Mr. V. Babkov has been appointed temporary
insolvency manager.

Creditors have until Aug. 2, 2005 to submit their proofs of
claim to 170100, Russia, Tver region, Main Post Office, Post
User Box 381.  A hearing will take place on Oct. 12, 2005 at the
Arbitration Court of Tver region.

CONTACT:  AFANASIY-BEER
          170021, Russia, Tver region,
          Koltsevaya Str. 61

          Mr. V. Babkov
          Temporary Insolvency Manager
          170100, Russia, Tver region,
          Main Post Office, Post User Box 381
          Phone: (0822) 323882


ARKHANGELSKOYE: Declared Insolvent
----------------------------------
The Arbitration Court of Saratov region commenced bankruptcy
proceedings against Arkhangelskoye (TIN 6404000127) after
finding the enterprise of boilers insolvent.  The case is
docketed as A-57-1"b"/05-21.  Mr. V. Kudryashov has been
appointed insolvency manager.  Creditors have until Sept. 2,
2005 to submit their proofs of claim to 421600, Russia, Saratov
region, Bazarnyj Karabulak, Nekrasova Str. 35.

CONTACT:  ARKHANGELSKOYE
          421600, Russia, Saratov region,
          Bazarnyj Karabulak, Nekrasova Str. 35

          Mr. V. Kudryashov
          Insolvency Manager
          421600, Russia, Saratov region,
          Bazarnyj Karabulak, Nekrasova Str. 35


CHRYSTAL: Under Bankruptcy Supervision
--------------------------------------
The Arbitration Court of Mordoviya republic has commenced
bankruptcy supervision procedure on limited liability company
Chrystal (TIN/KPP 1324023881/132401001).  The case is docketed
as A39-1903/05-121/7.  Mr. O. Grishin has been appointed
temporary insolvency manager.

Creditors may submit their proofs of claim to:

(a) CHRYSTAL
    Russia, Mordoviya republic,
    Ruzaevka, Dmitrova Str. 1A

(b) Temporary Insolvency Manager
    440047, Russia, Penza,
    Minskaya Str. 5A-2

(c) The Arbitration Court of Mordoviya republic
    430000, Russia, Mordoviya republic, Saransk,
    Kommunisticheskaya Str. 33, Room 111


EXMASH: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------
The Arbitration Court of Kostroma region has commenced
bankruptcy supervision procedure on open joint stock company
Exmash.  The case is docketed as A31-3821/2005-18.  Mr. A.
Petrosyan has been appointed temporary insolvency manager.

Creditors have until Aug. 2, 2005 to submit their proofs of
claim to Russia, Kostroma region, Sharya, Vetluzhskiy, Lesnaya
Str. 5.  A hearing will take place on Sept. 15, 2005, 2:00 p.m.
located at Russia, Kostroma, Shagova Str. 20.

CONTACT:  EXMASH
          Russia, Kostroma region, Sharya,
          Vetluzhskiy, Lesnaya Str. 5

          Mr. A. Petrosyan
          Insolvency Manager
          Russia, Kostroma region, Sharya,
          Vetluzhskiy, Lesnaya Str. 5
          Phone/Fax: (09449) 23-337, 57-013


INTERNATIONAL MOSCOW: Fitch Affirms 'BB/B' Ratings
--------------------------------------------------
Fitch Ratings has affirmed International Moscow Bank's
Individual rating at 'C/D.' The bank's other ratings are Long-
term 'BB', Short-term 'B' and Support '3'.  The bank's Long- and
Short-term ratings are on Rating Watch Positive (see
announcements dated 30 May 2005 and 15 June 2005 at
http://www.fitchresearch.com).

The Individual rating reflects IMB's high, albeit falling,
concentration levels on both sides of the balance sheet and the
risks associated with rapid loan growth in sectors and regions
where the bank has less experience.  In light of the latter,
IMB's capitalization is only moderate.  However, the Individual
rating also considers IMB's experienced management, the input of
its foreign owners and, as a result of the latter, the bank's
good risk management systems relative to other Fitch-rated banks
in Russia.  IMB's profitability has also been strong and its
franchise is growing.

Fitch comments that further expansion of IMB's franchise and
greater scale and diversification could contribute to a positive
rating action in respect of the Individual rating.  However, a
significant deterioration in the bank's asset quality and/or
capitalization, or any further increase in funding
concentrations, could result in downward pressure.

IMB was established in October 1989 as Russia's first joint
venture bank with foreign participation.  Its core business is
servicing large and medium-sized domestic corporates.  However,
the bank has also begun actively lending to smaller companies
and developing its retail banking operations.  IMB also trades
securities and foreign exchange.  Following the recent US$107
million share issue carried out by IMB, its shareholders are as
follows: Bayerische Hypo- und Vereinsbank Bank and Nordea Bank
Finland PLC, with a controlling 53.3% and a blocking 26% in the
bank's common stock, respectively; BCEN-Eurobank, the Paris-
based subsidiary of the Russian Central Bank, with a 15.9%
stake; and the European Bank for Reconstruction and Development,
with a 4.8% stake.  IMB ranks among the top 10 Russian banks by
total assets.

CONTACT:  FITCH RATINGS
          Lindsey Liddell, London
          Phone: +44 20 7417 3495
          James Watson, Moscow
          Phone: +7 095 956 6657
          Web site: http://www.fitchratings.com

          Media Relations
          Jon Laycock, London
          Phone: +44 20 7417 4327


LIOS-BANK: Declared Insolvent
-----------------------------
The Arbitration Court of Moscow region commenced bankruptcy
proceedings against Lios-Bank after finding the commercial bank
insolvent.  The case is docketed as A40-26504/05-74-5B.  The
Endowment Insurance Agency has been appointed insolvency
manager.  Creditors have until Sept. 3, 2005 to submit their
proofs of claim to 123022, Russia, Post User Box 38.

CONTACT:  LIOS-BANK
          121170, Russia, Moscow region,
          Kutuzovskiy Proezd, 6, Building 1

          ENDOWMENT INSURANCE AGENCY
          Insolvency Manager
          109240, Russia, Moscow region,
          Verkhniy Taganskiy Tupik, 4

          Or
          123022, Russia,
          Post User Box 38
          Phone: (095) 959-47-97/589-40-88


MOL-COM: Sets Public Auction Next Week
--------------------------------------
The insolvency manager and bidding organizer of open joint stock
company Mol-Com will sell its property on Aug. 4, 2005, 2:00
p.m. (local time).  The public auction will take place at
248025, Russia, Kaluga, Promyshlennaya Str. 56.  Up for sale are
buildings, equipment and vehicles.  Starting price:
RUB76,000,000.

Preliminary examination and reception of bids are done daily
from 10:00 a.m. to 4:00 p.m. on or before July 29, 2005.  The
list of documentary requirements is available at 248025, Russia,
Kaluga, Promyshlennaya Str. 56.

To participate, bidders must deposit RUB1,500,000 to the
settlement account 40702810222240102228 in Kaluga's OSB #8608,
Kaluga, BIC 04908612, correspondent account
30101810100000000612.

Visit http://www.agrohim.kaluga.rufor more information.

CONTACT:  MOL-COM
          248025, Russia, Kaluga region,
          Promyshlennaya Str. 56

          Mr. V. Ivanov
          Insolvency Manager/Bidding Organizer
          248025, Russia, Kaluga region,
          Promyshlennaya Str. 56
          Phone: (0842) 516-972/8-910-525-20-53
          E-mail: agrohim@inbox.ru


PROGRESS: Krasnodar Court Names S. Khoryukov Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Progress after finding the close joint stock
company insolvent.  The case is docketed as A32-28761/2003-
27/254-B.  Mr. S. Khoryukov has been appointed insolvency
manager.  Creditors may submit their proofs of claim to 352060,
Russia, Krasnodar region, Sredniy Chelbas, Molodezhnaya Str. 1.

CONTACT:  PROGRESS
          352060, Russia, Krasnodar region,
          Sredniy Chelbas, Molodezhnaya Str. 1

          Mr. S. Khoryukov
          Insolvency Manager
          352060, Russia, Krasnodar region,
          Sredniy Chelbas, Molodezhnaya Str. 1


ROZHDESTVENSKOYE: Deadline for Proofs of Claim Next Week
--------------------------------------------------------
The Arbitration Court of Saint-Petersburg and the Leningrad
region has commenced bankruptcy supervision procedure on close
joint stock company Rozhdestvenskoye.  The case is docketed as
A56-20374/05.  Mr. V. Mudrov has been appointed temporary
insolvency manager.

Creditors have until Aug. 2, 2005 to submit their proofs of
claim to 199034, Russia, Saint-Petersburg, V.O., 16th Liniya, 7,
Building 1, Office 1309.  A hearing will take place on Nov. 14,
2005, 10:20 a.m.

CONTACT:  ROZHDESTVENSKOYE
          188356, Russia, Leningrad region, Gatchinskiy region,
          Rozhdestvenno, Bolshoy Pr. 102

          Mr. V. Mudrov
          Temporary Insolvency Manager
          199034, Russia, Saint-Petersburg, V.O.,
          16th Liniya, 7, Building 1, Office 1309


SOD-BUSINESS-BANK: Creditors Have Until September to File Claims
----------------------------------------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
proceedings against Sod-Business-Bank after finding the
commercial bank insolvent.  The case is docketed as A40-
27410/05-78-54B.  The Endowment Insurance Agency has been
appointed insolvency manager.  Creditors have until Sept. 3,
2005 to submit their proofs of claim to 123022, Russia, Moscow,
Krasnaya Presnya Str. 28, Building 1 & 2.

CONTACT:  SOD-BUSINESS-BANK
          123022, Russia, Moscow region,
          Krasnaya Presnya Str. 28, Building 1 & 2
          Phone: (095) 959-47-97/589-40-85/514-74-78

          ENDOWMENT INSURANCE AGENCY
          Insolvency Manager
          109240, Russia, Moscow region,
          Verkhniy Taganskiy Tupik, 4


URAL-SEL-MASH: Succumbs to Bankruptcy
-------------------------------------
The Arbitration Court of Sverdlovsk region commenced bankruptcy
proceedings against Ural-Sel-Mash after finding the factory
insolvent.  The case is docketed as A60-17855/2004-SK1.  Mr. A.
Maksimov has been appointed insolvency manager.  Creditors may
submit their proofs of claim to 623050, Russia, Sverdlovsk
region, Bisert, Revolyutsii Str. 2a.

CONTACT:  Mr. A. Maksimov
          Insolvency Manager
          623050, Russia, Sverdlovsk region,
          Bisert, Revolyutsii Str. 2a


=========
S P A I N
=========


PAPERALIA SA: Applies for Bankruptcy Supervision
------------------------------------------------
Paper maker Paperalia has incurred an unbearable debt and will
soon begin court-supervised administration, Expansion says.  The
company's debt totals EUR20 million.  It blames a largely
portion of the debt to a four-month production interruption.

Paperalia was formed out of the merger of Guipuzcoa-based paper
manufacturers La Salvadora and Echezarreta.  The group is a
white and recycled paper manufacturer for offset printing and
writing.  It employs 132 and produces around 100,000 metric tons
of paper annually.

CONTACT:  PAPERALIA S.A.
          Carretera Nacional I n 26
          E-20250 Legorreta Guipuzcoa
          Phone: 34 943 80 71 85
          Fax: 943 80 62 86
          E-mail: paperalia@paperalia.com
          Web site: http://www.paperalia.com


=====================
S W I T Z E R L A N D
=====================


LEICA GEOSYSTEMS: Recommends CHF500 Cash Offer from Danaher
-----------------------------------------------------------
Following the Hexagon offer, Danaher Corporation approached
Leica Geosystems with a view to making a friendly cash offer for
the company.  After confidential discussions between Danaher and
Leica Geosystems, Danaher Corporation on Tuesday officially pre-
announced its cash offer at CHF500 per share for 100 per cent of
the issued and to be issued share capital of Leica Geosystems.

The Board of Leica Geosystems believes that the Danaher Offer
clearly represents superior value for its shareholders compared
to Hexagon's offer, which the Board has unanimously rejected.
Danaher Corporation has confirmed its commitment to maintain
Leica Geosystems' identity and to safeguard the interests of its
customers and employees.  Accordingly, the Board of Leica
Geosystems has decided to recommend the Danaher Offer.

In its response to the unsolicited offer of Hexagon, the Board
of Leica Geosystems announced that it was exploring, and
prepared to pursue, other alternatives to the Hexagon offer,
provided that such alternatives represented fair value for Leica
Geosystems shareholders.  In exercising its fiduciary duties,
the Board negotiated and agreed on the terms and conditions of
the Danaher Offer.  The Board's view is supported both by advice
received from its investment bank, Credit Suisse First Boston,
and by Lombard Odier Darier Hentsch, which is rendering a
Fairness Opinion for the Board of Leica Geosystems.

Mario Fontana, Leica Geosystems' Chairman said: "We are glad to
see that Danaher's friendly offer fairly reflects the value
creation potential of Leica Geosystems' mid term strategic and
financial plan."

Danaher Corporation intends to support the continued execution
of Leica Geosystems' strategy and business plan and to
accelerate the implementation of Leica Geosystems' successful
profitable growth strategy, notably in the U.S. market where
Leica Geosystems has significant scope for expansion.  Also,
Danaher intends to provide Leica Geosystems with support to grow
via acquisitions by contributing its unique management tools,
its global commercial platform and the financial flexibility
required to fuel such rapid development.

Hans Hess, Leica Geosystems' CEO: "Danaher shares the same
values of innovation and customer focus and will be a good
partner to further strengthen Leica Geosystems position as a
leading global company in the attractive geospatial information
market.  The friendly approach of Danaher will allow us to build
a strong common vision on how the company can continue to
explore its full potential."

All Leica Geosystems shareholders that have tendered their
shares into Hexagon's offer as posted on June 27, 2005 can
withdraw their acceptance and can tender into the Danaher Offer.

CONTACT:  LEICA GEOSYSTEMS AG
          Heinrich Wild Strasse
          CH-9435 Heerbrugg
          St. Gallen, Switzerland
          Phone: + 41 71 727 3131
          Fax: + 41 71 727 4674
          Web site: http://www.leica-geosystems.com/


LEICA GEOSYSTEMS: On CreditWatch Developing Due to Imminent Sale
----------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BB+' long-term
corporate credit rating on Swiss-based optical-measurement
instruments maker Leica Geosystems Holdings AG remains on
CreditWatch, but the implications have been revised to
developing from negative.  The rating was originally placed on
CreditWatch on June 13, 2005, after an unsolicited takeover bid
announced by Swedish technology company Hexagon AB.

The rating action follows an announcement of a friendly takeover
bid by U.S.-based Danaher Corp. (A+/Stable/--).

The revised CreditWatch status reflects the emergence of the
friendly offer of 500 Swiss francs (SFr) ($380) per share from
Danaher, in counter-offer to the SFr436 per share proposed by
Hexagon (adjusted for a recent dividend payment of SFr4 per
share).

"Given Danaher's strong credit profile, the takeover, if
successful, could be beneficial to Leica's credit profile," said
Standard & Poor's credit analyst Jarrad Oberhardt.

"Nevertheless, the developing implications reflect the
possibility of further outcomes, including a revised offer from
Hexagon, or the emergence of other acquirers," he added.

Standard & Poor's expects to resolve the CreditWatch placement
once an acquisition has been completed.

Ratings information is available to subscribers of RatingsDirect
at http://www.ratingsdirect.com. It can also be found at
http://www.standardandpoors.com. Alternatively, call one of the
following Standard & Poor's numbers: Client Support Europe (44)
20-7176-7176; London Press Office Hotline (44) 20-7176-3605;
Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm
(46) 8-440-5916; or Moscow (7) 095-783-4017.  Members of the
media may also contact the European Press Office via e-mail on:
media_europe@standardandpoors.com.

CONTACT:  STANDARD AND POOR'S RATING SERVICES
          Group E-Mail Address
          CorporateFinanceEurope@standardandpoors.com


STMICROELECTRONICS N.V.: Posts First-half Net Loss of US$5 Mln
--------------------------------------------------------------
STMicroelectronics N.V. has reported financial results for the
second quarter and six months ended July 2, 2005.

Net revenues for the first half were US$4,245 million, an
increase of 1.0% over the 2004 first half revenues of US$4,201
million.  Gross profit was US$1,399 million, or 32.9% of net
revenues, compared to US$1,530 million or 36.4% of net revenues
for the 2004 first half.

Operating income was a loss of US$55 million, compared to income
of US$259 million in last year's first half.  Net income was a
loss of US$5 million, or US$0.01 per share, compared to net
income of US$225 million, or US$0.24 per diluted share in last
year's first half.  Net income included pre-tax impairment,
restructuring charges and other related closure costs of US$100
million and US$45 million for the 2005 and 2004 first half
results, respectively.

Research and development expenses were US$827 million, compared
to US$747 million in the 2004 first half.  Selling, general, and
administrative expenses were US$519 million compared to US$469
million in the 2004 first half.

In the 2005 first half, the effective average exchange rate for
the Company was approximately US$1.30 to EUR1, compared to
US$1.23 to EUR1 in last year's first half.

Outlook

Carlo Bozotti, President and Chief Executive Officer, said:
"Looking to the second half of the year, within an environment
of moderate industry growth, we believe ST has the opportunity
to expand sales in several key markets.  This, coupled with our
ongoing initiatives, will allow for improved financial
performance for the remainder of 2005 and into 2006.

"With respect to the third quarter, based upon our present order
visibility, we expect sales to grow sequentially in the range
between 0% and 6%.  Gross margin for the third quarter is
expected to be about 34%, plus or minus one percentage point."

A copy of the financial results is available free of charge at
http://bankrupt.com/misc/STMicroelectronics(2005).pdf

CONTACT:  STMICROELECTRONICS N.V.
          Worldwide Headquarters
          39, Chemin du Champ des Filles
          C. P. 21
          CH 1228 Plan-Les-Ouates
          GENEVA, Switzerland
          Tel: +41 22 929 29 29
          Fax: +41 22 929 29 00
          Web site: http://www.st.com/stonline/


SWISS INTERNATIONAL: Freight Unit Won't Merge with Lufthansa
------------------------------------------------------------
Loss-making carrier Swiss International and its new owner
Deutsche Lufthansa will reorganize their operations, Die Welt
says.

Their freight divisions will remain as separate brands, but will
be under the control of a joint management team, the paper said.
In effect, Swiss World Cargo's 304 employees will not need to
relocate to LH Cargo's base in Frankfurt.  Instead, Swiss
Cargo's personnel will remain in Zurich.

In the short-term, the carriers will standardize transport
products and IT platforms while allowing each other's freight
operations to use either group's aircraft.  The two will also
streamline operations by harmonizing flight schedules at the
start of the winter season in October.

It remains unknown whether Swiss World Cargo will join the WOW
freight, in which LH Cargo is also a member, along with
Singapore Airlines, JAL and SAS Cargo.  Bernd Maresch, Swiss
Cargo's marketing head, said the unit prefers to reach bilateral
agreements with individual freight airlines.

CONTACT:  SWISS INTERNATIONAL AIR LINES LTD.
          Aeschenvorstadt 4
          CH-4051 Basel
          Switzerland
          Phone: +41-61-582-00-00
          Fax: +41-61-582-33-33
          Web site: http://www.swiss.com

          DEUTSCHE LUFTHANSA AG
          Von-Gablenz-Strasse 2-6
          D-50679 Cologne, 21
          Germany
          Phone: +49-69-696-0
          Fax: +49-69-696-6818
          Web site: http://www.lufthansa.com


=============
U K R A I N E
=============


ADER UKRAINE: Proofs of Claim Deadline Expires Next Week
--------------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on LLC Joint Enterprise Ader Ukraine (code
EDRPOU 31549820) on May 23, 2005.  The case is docketed as
40/86/05.  Mr. Yevgen Shevtsov (License Number AA 250313) has
been appointed temporary insolvency manager.  The company holds
account number 26008212850100 at JSPPB Aval, Dnipropetrovsk
regional branch, MFO 305653.

Creditors have until August 1, 2005 to submit their proofs of
claim to:

(a) ADER UKRAINE
    49000, Ukraine, Dnipropetrovsk region,
    Saranska Str. 93

(b) Mr. Yevgen Shevtsov
    Temporary Insolvency Manager
    49069, Ukraine, Dnipropetrovsk region, a/b 3925

(c) ECONOMIC COURT OF DNIPROPETROVSK REGION
    49600, Ukraine, Dnipropetrovsk region,
    Kujbishev Str. 1a


AGROINVEST-GROUP: Court Appoints Insolvency Manager
---------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against CJSC agroinvest-group (code EDRPOU 30996903)
on June 15, 2005 after finding the close joint stock company
insolvent.  The case is docketed as B-24/59-05.  Mr. Ivan Radik
has been appointed liquidator/insolvency manager.

Creditors have until August 1, 2005 to submit their proofs of
claim to:

(a) AGROINVEST-GROUP:
    61001, Ukraine, Harkiv region, Morozov Str. 11

(b) Mr. Ivan Radik
    Liquidator/Insolvency Manager
    61170, Ukraine, Harkiv region,
    Gv. Shironintsiv Str. 43-A
    Phone: 8 (050) 301-29-21

(c) ECONOMIC COURT OF HARKIV REGION
    61022, Ukraine, Harkiv region,
    Svobodi Square, 5, Derzhprom, 8th Entrance


AGROPROMINVEST: Bankruptcy Supervision Starts
---------------------------------------------
The Economic Court of Kyiv region has commenced bankruptcy
supervision procedure on LLC Agroprominvest (code EDRPOU
31241784).  The case is docketed as 23/434-b.  Ms. Nataliya
Snisarenko (License Number AA 779350) has been appointed
temporary insolvency manager.  The company holds account number
2600010116 at JSPPB Aval, Kyiv region branch, MFO 30035.

Creditors have until August 1, 2005 to submit their proofs of
claim to:

(a) AGROPROMINVEST
    Ukraine, Kyiv region,
    Shors Str. 29

(b) Ms. Nataliya Snisarenko
    Temporary Insolvency Manager
    Ukraine, Kyiv region,
    Pivnichna Str. 2/58-189
    Phone: (044) 240-95-45

(c) ECONOMIC COURT OF KYIV REGION
    01030, Ukraine, Kyiv region,
    B. Hmelnitskij Boulevard, 44-B


BUSHEL: Insolvency Manager Takes over Operations
------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against LLC Bushel (code EDRPOU 31756454) on June 6,
2005 after finding the limited liability company insolvent.  The
case is docketed as B-24/54-05.  Mr. Dmitro Yurkov has been
appointed liquidator/insolvency manager.

Creditors have until August 1, 2005 to submit their proofs of
claim to:

(a) BUSHEL
    61145, Ukraine, Harkiv region,
    Kosmichna Str. 21-a

(b) Mr. Dmitro Yurkov
    Liquidator/Insolvency Manager
    Ukraine, Harkiv region,
    23 Serpnya Str. 48/64
    Phone: 8 (050) 327-11-33

(c) ECONOMIC COURT OF HARKIV REGION
    61022, Ukraine, Harkiv region,
    Svobodi Square, 5, Derzhprom, 8th Entrance


DOMOVOJ: Applies for Bankruptcy Proceedings
-------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Domovoj (code EDRPOU 01242604) on June 16,
2005 after finding the limited liability company insolvent.  The
case is docketed as B 24/13/05.  Mr. Volodimir Tagayev (License
Number AA 216767) has been appointed liquidator/insolvency
manager.

Creditors have until August 1, 2005 to submit their proofs of
claim to:

(a) DOMOVOJ
    49000, Ukraine, Dnipropetrovsk region,
    Abhazka Str. 4-A

(b) Mr. Volodimir Tagayev
    Liquidator/Insolvency Manager
    49000, Ukraine, Dnipropetrovsk region, a/b 63
    Phone: (0562) 32-35-21

(c) ECONOMIC COURT OF DNIPROPETROVSK REGION
    49600, Ukraine, Dnipropetrovsk region,
    Kujbishev Str. 1a


KOMTEK: Gives Creditors Until August to Prove Claims
----------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Komtek (code EDRPOU 13426195) on June 17,
2005 after finding the close joint stock company insolvent.  The
case is docketed as B 26/26/03.  Mr. Y. Tsibulskij (License
Number AA 779176) has been appointed liquidator/insolvency
manager.  The company holds account number 260033011250 at
Prominvestbank, Krivij Rig central city branch,
MFO 305493.

Creditors have until August 1, 2005 to submit their proofs of
claim to:

(a) KOMTEK
    50029, Ukraine, Dnipropetrovsk region,
    Krivij Rig, Nogina Str. 30

(b) Mr. Y. Tsibulskij
    Liquidator/Insolvency Manager
    50027, Ukraine, Dnipropetrovsk region,
    Krivij Rig, a/b 1221

(c) ECONOMIC COURT OF DNIPROPETROVSK REGION
    49600, Ukraine, Dnipropetrovsk region,
    Kujbishev Str. 1a


PIVDENKIVSKIJ BURYAKORADGOSP: Succumbs to Bankruptcy
----------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on OJSC pivdenkivskij buryakoradgosp (code
EDRPOU 23824666) on May 18, 2005.  The case is docketed as 7/39-
05.  Mr. Vadim Zakorko (License Number AA 719836) has been
appointed temporary insolvency manager.

Creditors have until August 1, 2005 to submit their proofs of
claim to:

(a) PIVDENKIVSKIJ BURYAKORADGOSP
    42600, Ukraine, Sumi region,
    Trostyanets, Naberezhna Str. 28-a

(b) Mr. Vadim Zakorko
    Temporary Insolvency Manager
    40030, Ukraine, Sumi region,
    Proletarska Str. 69
    Phone: (0542) 34-51-73

(c) ECONOMIC COURT OF SUMI REGION
    40011, Ukraine, Sumi region,
    Shevchenko Avenue, 18/1


STUDIYA LEVA-ZED: Creditors' Claims Due Next Month
--------------------------------------------------
The Economic Court of Ternopil region has commenced bankruptcy
supervision procedure on Studiya Leva-Zed (code EDRPOU
30357114).  The case is docketed as 15/B-613.  Mr. V. Didich
(License Number AB 116174) has been appointed temporary
insolvency manager.  The company holds account number
26008000810000 at JSCIB UkrSibbank, Lviv branch, MFO 385327.

Creditors have until August 1, 2005 to submit their proofs of
claim to:

(a) STUDIYA LEVA-ZED
    48500, Ukraine, Ternopil region,
    Chortkiv, S. Bandera Str. 20

(b) Mr. V. Didich
    Temporary Insolvency Manager
    46000, Ukraine, Ternopil region,
    S. Bandera Avenue, 96/241

(c) ECONOMIC COURT OF TERNOPIL REGION
    46000, Ukraine, Ternopil region,
    Ostrozski Str. 14a


TAJFUN: Under Bankruptcy Supervision
------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on LLC Tajfun (code EDRPOU 14073942) on
May 30, 2005.  The case is docketed as B-31/60-05.  Mr. Sergij
Puzenko (License Number AB 216711) has been appointed temporary
insolvency manager.  The company holds account number
26002830146240 at JSCB Ukrsocbank, Oleksiyivske branch in Harkiv
region, MFO 351016.

Creditors have until August 1, 2005 to submit their proofs of
claim to:

(a) TAJFUN
    61072, Ukraine, Harkiv region,
    Lenin Avenue, 41/43

(b) Mr. Sergij Puzenko
    Temporary Insolvency Manager
    61045, Ukraine, Harkiv region,
    Klochkivska Str. 261-A/3

(c) ECONOMIC COURT OF HARKIV REGION
    61022, Ukraine, Harkiv region,
    Svobodi Square, 5, Derzhprom, 8th Entrance


VOLODARSK-VOLINSKSERVISBUD: Declared Insolvent
----------------------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
proceedings against Volodarsk-Volinskservisbud (code EDRPOU
01272858) on June 9, 2005 after finding the company insolvent.
The case is docketed as 4/65 B.  Mr. Melnik Vasil (License
Number AA 176028) has been appointed liquidator/insolvency
manager.  The company holds account number 26000301180021 at
Prominvestbank, Volodarsk-Volinskij branch, MFO 311090.

Creditors have until August 1, 2005 to submit their proofs of
claim to:

(a) VOLODARSK-VOLINSKSERVISBUD
    Ukraine, Zhitomir region,
    Volodar-Volinskij district,
    Nova Borova, Zavodska Str. 1

(b) Mr. Melnik Vasil
    Liquidator/Insolvency Manager
    10029, Ukraine, Zhitomir region,
    Chapayev Str. 7
    Phone: (0421) 37-51-19


===========================
U N I T E D   K I N G D O M
===========================


3D CONTAINERS: Packaging Manufacturer Calls in Administrator
------------------------------------------------------------
Name of company: 3D CONTAINERS (UK) LIMITED
                 (Company No 05252839)

Nature of Business: Manufacturing of Packaging

Address of Registered Office: 123 Oaklands Road, Hanwell, London
W7 2DT

Trade Classification: 11

Date of Appointment: July 13, 2005

Administrators' Names and Address: R. D. Smailes and S. B. Ryman
(IP Nos 8975 and 4731), both of Rothman Pantall & Co, Clareville
House, 26-27 Oxendon Street, London SW1Y 4EP

                            *   *   *

3D Containers are specialist manufacturers of high quality food
packaging, with an exceptional range that includes paper lids
for foil containers, injection molded plastic items and
revolutionary crystalline polyester products.  Visit
http://www.3d-containers.co.uk/for more information.

CONTACT:  3D CONTAINERS
          Units 15-16
          Beechings Way Industrial Centre
          Bredgar Road
          Gillingham
          Kent ME8 6PT
          Phone: +44 (0) 1634 363635
          Fax: +44 (0) 1634 363638
          E-mail: info@3D-containers.co.uk

          ROTHMAN PANTALL & CO
          Clareville House,
          26-27 Oxendon Street,
          London SW1Y 4EP
          Phone: +44 (0) 20 7930 7272
          Fax: +44 (0) 20 7930 9849
          E-mail: london@rothman-pantall.co.uk
          Web site: http://www.rothman-pantall.co.uk


ACTFAST LIMITED: EGM Passes Winding-up Resolutions
--------------------------------------------------
At an Extraordinary General Meeting of Actfast Limited, duly
convened, and held at The Royal Hotel, High Street, Southend-on-
Sea, Essex SS1 1JE, on Tuesday 12 July 2005, the following
Resolutions were duly passed as an Extraordinary Resolution and
as an Ordinary Resolution respectively:

"That it has been proved to the satisfaction of the Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that the Company be wound up voluntarily, and that
Robert Valentine and Mark Reynolds, of Valentine & Co, 4
Dancastle Court, 14 Arcadia Avenue, London N3 2HS, be appointed
Joint Liquidators of the Company for the purposes of the
voluntary winding-up and that the Joint Liquidators be
authorized to act jointly and severally in the liquidation."

T Burrell, Chairman

CONTACT:  VALENTINE & CO.
          4 Dancastle Court
          14 Arcadia Avenue, London N3 2HS
          Phone: 020 8343 3710
          Fax: 020 9343 4486
          Web site: http://www.valentine-co.com


AFONICS FIBREOPTICS: Meeting of Creditors Set Next Week
-------------------------------------------------------
The creditors of Afonics Fibreoptics Limited will meet on Aug.
5, 2005 at 10:00 a.m.  It will be held at Baker Tilly, City
Plaza, Temple Row, Birmingham B2 5AF.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to G. E. B. Mander of Baker Tilly, City Plaza,
Temple Row, Birmingham B2 5AF not later than 12:00 noon, Aug. 4,
2005.

                            *   *   *

Afonics Fibreoptics Ltd. is a high technology company that
develops, designs, manufactures and distributes fiber optic
components for the fibreoptic industry.  Glen Mc Farlane is the
company's CEO.  Visit http://www.afonics.comfor more
information.

CONTACT:  AFONICS FIBREOPTICS LTD
          16 Thorney Leys Business Park
          Witney OX28 4GW
          Oxfordshire
          Phone: 01993 709030
          Fax: 01993 779293
          E-mail: glen.mcfarlane@afonics.com

          BAKER TILLY
          City Plaza
          Temple Row
          Birmingham
          West Midlands B2 5AF
          Phone: 0121 214 3100
          Fax: 0121 214 3101


ALBERT SEWING: Members Decide to Liquidate Firm
-----------------------------------------------
At an Extraordinary General Meeting of the Members of Albert
Sewing Threads Limited, duly convened, and held the following
Resolutions were duly passed, on 11 July 2005, as an
Extraordinary Resolution and as an Ordinary Resolution
respectively:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Diane Elizabeth Hill be and she is hereby appointed Liquidator
for the purposes of such winding-up."

P Cowie, Chairman

CONTACT:  CLB
          Century House,
          11 St Peters Square,
          Manchester M2 3DN
          Phone: 0161-245-1000
          Fax: 0161-245-1001
          E-mail: manchester@clb.co.uk
          Web site: http://www.clb.co.uk


ARDENCOTE INVESTMENTS: Files Winding-up Petition
------------------------------------------------
At an Extraordinary General Meeting of the Members of real
estate agencies and labour recruitment firm Ardencote
Investments Limited, duly convened, and held at 73-75 Aston Road
North, Birmingham B6 4DA, on 5 July 2005, the following
Resolutions were duly passed as an Extraordinary Resolution and
as an Ordinary Resolution respectively:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Robert P J Allen, of Vantage Corporate Restructuring, be and is
hereby appointed Liquidator for the purposes of such a winding-
up."

B Singh, Director

CONTACT:  CONTACT:  VANTAGE
          20-24 Kirby Street
          London EC1N 8TS
          Phone: 0845 225 5801
          Fax: 0845 225 5802
          E-mail: Rallen_vantage@hotmail.com


A.S. CLIMATE: Goes into Liquidation
-----------------------------------
Company Name: A.S. Climate Control Ltd.

Company Registration Number: 03171820

Address of Registered Office: Unit 12B, Talisman Business
Centre, Bicester, Oxfordshire, OX26 6HR

Court: Birmingham District Registry

Date of Filing Petition: 4 April 2005

No. of Matter: 2317 of 2005

Date of Winding-up Order: 4 July 2005

Official Receiver's Address: 2nd Floor, Kings Wharf, 20-30 Kings
Road, Reading, RG1 3ET


ASHPHIL LIMITED: Clothing Company Decides to Liquidate
------------------------------------------------------
At an Extraordinary General Meeting of clothing retailer Ashphil
Limited, duly convened, and held at 32 High Street, Manchester
M4 1QD, on 14 July 2005, the subjoined Extraordinary Resolution
was duly passed:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Stephen Lord and Stephen James Wainwright, of Poppleton &
Appleby, 32 High Street, Manchester M4 1QD, be and are hereby
appointed Liquidators for the purposes of such winding-up."

P J Wildbore, Director

CONTACT:  POPPLETON & APPLEBY
          32 High Street
          Manchester
          Greater Manchester M4 1QD
          Phone: 0161 834 7025
          Fax: 0161 833 1548
          E-mail: insol@pandamanchester.co.uk


BAR M3: Bristol Court Accepts Liquidation Petition
--------------------------------------------------
Company Name: Bar M3 Limited

Company Registration Number: 04023519

Address of Registered Office; Unit B204 The Arcadian Centre,
Hurst Street, Birmingham, B5 4TD

Court: Bristol District Registry

Date of Filing Petition: 12 May 2005

No. of Matter: 2147 of 2005

Date of Winding-up Order: 13 July 2005

Official Receiver's Address: 3rd Floor West, Ladywood House,
45/6 Stephenson Street, Birmingham, B2 4UP


BENIBEAM LIMITED: Calls in Joint Liquidators
--------------------------------------------
At an Extraordinary General Meeting of the Members of Benibeam
Limited, duly convened, and held at Trafalgar House, Grenville
Place, Mill Hill, London NW7 3SA, on 11 July 2005, the following
Extraordinary Resolution was duly passed:

"That it has been proved to the satisfaction of this Meeting
that the Company cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Jeffrey Mark Brenner, of B & C Associates, Trafalgar House,
Grenville Place, Mill Hill, London NW7 3SA, is hereby appointed
Liquidator for the purposes of such winding-up."

At a subsequent Meeting of Creditors, Martin John Atkins, of
Harris Lipman, was appointed Joint Liquidator with Jeffrey Mark
Brenner.

H Musani, Director

CONTACT:  B & C ASSOCIATES
          Trafalgar House
          Grenville Place
          Mill Hill
          London NW7 3SA
          Phone: 0208 906 7730
          Fax: 0208 906 7731
          E-mail: filippa@bcassociates.uk.com


BITARTS LIMITED: Administrators from Fisher Partner Move in
-----------------------------------------------------------
Name of company: BITARTS LIMITED
                 (Company No 03606245)

Nature of Business: Software Development

Address of Registered Office: Third Floor, 15 Middle Pavement,
Nottingham NG1 7DX

Date of Appointment: July 15, 2005

Administrators' Names and Address: Stephen M. Katz and David
Birne (IP Nos 8681 and 9034), both of Fisher Partners, Acre
House, 11-15 William Road, London NW1 3ER.

                            *   *   *

BitArts Ltd. is an innovative software development company
founded in 1998 with headquarters in Nottingham, U.K.  It
produces leading products for the software development
communities, which include Softlocx, one of the leading software
protection packages available on the market today.  Customers of
BitArts range from individual developers to multi-national
corporations based in over 40 countries across the globe.  Visit
http://www.bitarts.comfor more information.

CONTACT:  BITARTS LTD.
          15 Middle Pavement
          Nottingham NG1 7DX
          United Kingdom
          Phone: +44 115 959 8181
          Fax: +44 115 959 0919
          E-mail: sales@bitarts.com

          FISHER PARTNERS
          Acre House
          11/15 William Road
          London NW1 3ER
          Phone: 020 7388 7000
          Fax: 020 7380 4900
          E-mail: skatz@hwfisher.co.uk


BRANTON ENGINEERING: Names Harris Lipman Administrator
------------------------------------------------------
Name of company: BRANTON ENGINEERING LIMITED
                 (Company No 01049453)

Nature of Business: Manufacturing of Cold Aluminium Extrusions

Address of Registered Office: 2 Mountview Court, 310 Friern
Barnet Lane, Whetstone, London N20 0YZ

Date of Appointment: July 14, 2005

Administrators' Names and Address: Freddy Khalastchi and
Michaela Joy Hall (IP Nos 8752 and 9081), Harris Lipman, 2
Mountview Court, 310 Friern Barnet Lane, Whetstone, London N20
0YZ

                            *   *   *

The company manufactures precision seamless aluminum tube, pure
and high strength alloys.  Its managing director is Brian
Riches.

CONTACT:  BRANTON ENGINEERING LTD
          Caxton Way
          Stevenage
          Herts SG1 2DF
          Phone: 01438 747999
          Fax: 01438 747070
          E-mail: brantons1@btconnect.com

          HARRIS LIPMAN
          2 Mountview Court,
          310 Friern Barnet Lane,
          Whetstone, London N20 0YZ
          Phone: (020) 8446 9000
          Fax:   (020) 8446 9537
          Web site: http://www.harris-lipman.co.uk


CASTINGS CONSULTANTS: Appoints Menzies Liquidator
-------------------------------------------------
At an Extraordinary General Meeting of Castings Consultants
Limited, duly convened, and held at 17-19 Foley Street, London
W1W 6DW, on 8 July 2005, the following Resolutions were duly
passed as an Extraordinary Resolution and as an Ordinary
Resolution respectively:

"That it has been proved to the satisfaction of this Meeting
that the business cannot, by reason of its liabilities, continue
its business, and that it is advisable to wind up the same, and
accordingly that the business be wound up voluntarily, and that
Jason James Godefroy and Paul John Clark, of Menzies Corporate
Restructuring, 17-19 Foley Street, London W1W 6DW, be and are
hereby appointed Joint Liquidators of the business for the
purposes of the winding-up."

At the subsequent Meeting of Creditors held at the same place on
the same date, the Resolutions were ratified confirming the
appointment of Jason James Godefroy and Paul John Clark as Joint
Liquidators.

M Mason, Chairman

CONTACT:  MENZIES CORPORATE RESTRUCTURING
          17-19 Foley Street
          London W1W 6DW
          Phone: 020 7291 9750
          Fax: 020 7291 9777
          E-mail: mcr@menzies.co.uk
          Web site: http://www.menzies.co.uk


CLIFFE END: Lab Equipment Maker to Liquidate
--------------------------------------------
At an Extraordinary General Meeting of the Members of laboratory
equipment manufacturer Cliffe End Limited (formerly Lab-Plant
Limited), duly convened, and held at Cliffe End Firs, Longwood
Road, Huddersfield HD3 4EL, on 1 July 2005, the following
Special Resolution was passed: "That the Company be wound up
voluntarily, and that Andrew Hartley Wilkinson, of Wilkinson &
Co, 68 Thorpe Lane, Almondbury, Huddersfield HD5 8UF, be and is
hereby appointed Liquidator of the Company for the purpose of
the voluntary winding-up."

A Roebuck, Chairman

CONTACT:  WILKINSON & CO.
          68 Thorpe Lane
          Almondbury
          Huddersfield
          West Yorkshire HD5 8UF
          Phone: 01484 349468
          E-mail: ahw@ahwilk.demon.co.uk


COLLINS & AIKMAN: JPMorgan Backs Price Increase Pact
----------------------------------------------------
Collins & Aikman Corporation and its customers --
DaimlerChrysler AG, Ford Motor Company, General Motors
Corporation, Honda Motor Company, Inc., Nissan Motor Company
Unlimited, and Toyota S.A. -- have been discussing a framework
to bridge more permanent financing, a strategic business plan,
and contract price negotiations.

JPMorgan Chase Bank, NA, as administrative agent for the senior
secured lenders under the DIP Credit Agreement, believes that
the Price Increase Agreement will allow the Debtors to:

   -- maintain and stabilize their operations;

   -- receive immediate relief in the form of substantial price
      concessions from the Customers;

   -- preserve the critically important business relationships
      between the Customers and the Debtors;

   -- provide a framework for further price relief;

   -- provide funds for capital expenditures; and

   -- provide working capital for new product launches costs and
      tooling costs.

As major constituents in the Debtors' Chapter 11 cases, JPMorgan
and the Prepetition Lenders assert that the hard-fought Price
Increase Agreement represents the first step in the development
of a plan that will allow all constituents to see whether there
is a business plan that can be ultimately turned into a plan of
reorganization.  Without this opportunity, the Prepetition
Lenders believe that the business relationships with the
Customers will be substantially destroyed, that the Customers
will begin to resource business, and that the result will be an
enormous loss of value that will be devastating to all
creditors.

Accordingly, JPMorgan urges the Court to grant the Motion.

                         Committee Objects

"This financing package will not save the [Debtors'] estates.
To the contrary, it will ensure the Debtors' slow demise," Paula
A. Osborne, Esq., at Butzel Long PC, in Bloomfield Hills,
Michigan, asserts.

Ms. Osborne tells Judge Rhodes that the proposed financing
package is nothing more than the second chapter of a three-part
plan by the Customers to ensure the continued delivery of their
products under contracts burdensome to the Debtors while at the
same time remaining completely unencumbered in their ability to
locate alternative suppliers and phasing the Debtors out of
existence.

According to Ms. Osborne, a closer look at the Price Increase
Agreement reveals the true harm that will result if it is
approved.  Ms. Osborne contends that:

   a. The Agreement gives the Customers undue leverage to
      control the Debtors' failure.  The Agreement provides that
      the parties will use the first 60 days of the Agreement
      period to negotiate permanent price adjustments under the
      Debtors' contracts with their customers.  However, this
      "benefit" does nothing more than give the Customers the
      right to reject the Debtors' proposed price increases
      without a guarantee of future business on terms profitable
      to the Debtors' estates -- the playing field will be far
      from level;

   b. The Agreement prevents the Debtors from obtaining further
      pricing concessions or rejecting unprofitable contracts
      with the Customers during the 90-day Term.  This will
      result to continued cash burn by the Debtors' estates of
      tens of millions of dollars and the guaranteed demise of
      the Debtors' European operations.  The pricing concessions
      needed by the Debtors' European affiliates may be just as
      drastic as those which are required domestically;

   c. The Agreement gives the Customers liens on the Debtors'
      assets up to $82.5 million at a time when the Debtors have
      the leverage to require the Customers to advance all
      funding needed through pricing concessions or face the
      shut down of the Customers' own manufacturing facilities,
      which would cost the Customers tens of billions of dollars
      -- something that the Customers would not allow to happen;

   d. The Agreement provides no guarantee that the Customers
      will not be preparing to re-source the goods and services
      provided by the Debtors to other third party suppliers
      upon the termination of the Term;

   e. The Agreement gives the Customers the right to access and
      take control over the Debtors' facilities for the
      Customers' sole benefit:

      * upon the occurrence of a Default;

      * in accordance with the terms of an Access Agreement,
        which have not been disclosed;

      * without regard to the best interests of the Debtors'
        estates and their continued viability; and

      * in contravention of Sections 1106, 1107, and 1108 of the
        Bankruptcy Code and the fiduciary obligations of a
        debtor-in-possession to its creditors;

   f. The Agreement inappropriately compels the Debtors to
      commence a process to sell their assets at a time when:

      * the Debtors are party to burdensome, unprofitable
        contracts;

      * all of the Debtors' efforts should be directed toward
        obtaining profitable contracts with the customers and
        closing underperforming, unprofitable manufacturing and
        operating facilities; and

      * values are at an all time low;

   g. The Agreement contains terms that are undefined or subject
      to additional negotiation.  The inclusion of undefined or
      incomplete provisions prevents parties-in-interest from
      knowing the true terms of the transaction and the extent
      of leverage that the Customers have over the Debtors'
      estates;

   h. The Agreement permits the Customers to obtain title to
      tooling free and clear of liens, claims and encumbrances
      in favor of certain of the Debtors' vendors, which could
      result in the inappropriate release of lines held by the
      Debtors' tooling vendors and tooling vendors' refusal to
      continue to transact business with the Debtors; and

   i. The Agreement provides that in the event of a Default, the
      automatic stay will be automatically lifted in favor of
      the Prepetition Lenders, which should not be so under any
      circumstances.

In this regard, the Committee asks the Court to determine that
any funding arrangement for the Debtors' estates should be based
solely on:

   (a) retroactive and forward-looking price increases;

   (b) advance payments for tooling, launch costs and capital
       expenditures;

   (c) a prohibition on the ability of the Customers to continue
       the process of preparing to re-source the products
       provided by the Debtors to other suppliers; and

   (d) providing the Debtors the right to immediately effectuate
       the rejection of burdensome contracts with the Customers.

"These types of accommodations are truly the only way to ensure
a level playing field and appropriately entice the Lending
Customers to engage in good-faith negotiations with the Debtors
over the terms of newly negotiated contracts that are fair and
equitable to both the Debtors and the Lending Customers," Ms.
Osborne says.

Headquartered in Troy, Michigan, Collins & Aikman Corporation --
http://www.collinsaikman.com/-- is a global leader in cockpit
modules and automotive floor and acoustic systems and is a
leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  When the Debtors
filed for protection from their creditors, they listed
$3,196,700,000 in total assets and $2,856,600,000 in total debt.
(Collins & Aikman Bankruptcy News, Issue No. 8; Bankruptcy
Creditors' Service, Inc., 215/945-7000)

Collins & Aikman's European companies have obtained a "group
wide" Administration order pursuant to the jurisdiction of the
English High Court in London.  Simon Appell and Alastair
Beveridge, amongst others, of Kroll UK have been appointed joint
administrators of each of the companies.  The companies included
in the filing are located in the U.K., Austria, Belgium, Czech
Republic, Italy, Germany, Luxembourg, Netherlands, Spain and
Sweden and have approximately 4,000 employees in 24 facilities.

CONTACT:  COLLINS & AIKMAN EUROPE
          Automotive Holding GmbH
          Kruetzpoort 16
          47804 Krefeld
          Germany
          Phone: +49 2151 36336-0
          Fax: +49 2151 36336-99
          E-mail: sekretariat.krefeld@colaik.com


CONTIWOOD LIMITED: Bristol Court Orders Liquidation
---------------------------------------------------
Company Name: Contiwood Limited

Company Registration Number: 04028640

Address of Registered Office: Maple House, 382 Kenton Road,
Harrow, Middlesex, HA3 9DP

Court: Bristol District Registry

Date of Filing Petition: 13 May 2005

No. of Matter: 2162 of 2005

Date of Winding-up Order: 13 July 2005

Official Receiver's Address: 21 Bloomsbury Street, London, WC1B
3SS


ERITH WASTE: Calls in Administrators from B & C Associates
----------------------------------------------------------
Name of company: ERITH WASTE MANAGEMENT SERVICES LTD.
                 (Company No 04621052)

Nature of Business: Waste Management

Address of Registered Office: Trafalgar House, Grenville Place,
Mill Hill, London NW7 3SA

Date of Appointment: July 11, 2005

Administrators' Names and Address: Jeffrey Mark Brenner and
Filippa Connor (IP Nos 9301 and 9188), B & C Associates,
Trafalgar House, Grenville Place, Mill Hill, London NW7 3SA.


CONTACT:  ERITH WASTE MANAGEMENT SERVICES LTD
          185 Manor Road
          Erith DA8 2AD
          Phone: 0800-975 0057

          B & C ASSOCIATES
          Trafalgar House
          Grenville Place
          Mill Hill
          London NW7 3SA
          Phone: 0208 906 7730
          Fax: 0208 906 7731
          E-mail: filippa@bcassociates.uk.com


GKK PRINT: Hires BWC Business Solutions as Administrator
--------------------------------------------------------
Name of company: GKK PRINT

Nature of Business: Printers

Address of Registered Office: Unit 4, Cross Green Close, Cross
Green Industrial Park, Leeds LS9 0RY

Trade Classification: 10

Date of Appointment: July 11, 2005

Joint Administrators' Names and Address: Paul Andrew Whitwam and
Gary Edgar Blackburn (IP Nos 8346 and 6234), both of BWC
Business Solutions, 8 Park Place, Leeds LS1 2RU

CONTACT:  G K K Print
          4 Cross Green Cl,
          Leeds LS9 0RY
          Phone: 0113-240 8007

          BWC BUSINESS SOLUTIONS
          8 Park Place
          Leeds
          West Yorkshire LS1 2RU
          Phone: 0113 243 3434
          Fax: 0113 243 5049
          E-mail: bwc@bwc-solutions.com


GRYFFE HOMEWORLD: Appoints Liquidator from Tenon Recovery
---------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

              IN THE MATTER OF Gryffe Homeworld Ltd.

At an Extraordinary General Meeting duly convened and held at
Block 4, Lochshore Ind Estate, Caledonia Place, Glengarnock,
Beith, Ayrshire KA14 3AZ on July 11, 2005 these Resolutions were
passed:

(a) That it has been proved to the satisfaction of the meeting
    that the Company cannot by reason of its liabilities,
    continue its business and that the company be wound up
    voluntarily; and

(b) That Kenneth Robert Craig CA of Tenon Recovery, 2-4
    Blythswood Square, Glasgow G2 4AD be appointed Liquidator
    for the purposes of such winding up.

John Kerr, Director


HIT SECURITIES: Calls in Liquidator
-----------------------------------
At an Extraordinary General Meeting of Hit Securities Limited,
duly convened, and held at 7 Birchin Lane, London EC3V 9BY, on
13 July 2005, the subjoined Special Resolution was duly passed:
"That the Company be wound up voluntarily, and that Martin N
Widdowson, of Brebner Allen & Trapp, The Quadrangle, 180 Wardour
Street, London W1F 8LB, be and he is hereby appointed Liquidator
for the purposes of such winding-up."

S Bishop, Director

                            *   *   *

Creditors of the Company are required, on or before 31 August
2005, to send in their full forenames and surnames, their
addresses and descriptions, full particulars of their debt or
claims, and the names and addresses of their Solicitors (if
any), to the undersigned, Martin N Widdowson, of The Quadrangle,
180 Wardour Street, London W1F 8LB, the Liquidator of the said
Company, and, if so required by notice in writing from the said
Liquidator, are, personally or by their Solicitors, to come in
and prove their debt or claims at such time and place as shall
be specified in such notice, or in default thereof, they will be
excluded from the benefit of any distribution made before such
debt are proved. M N Widdowson, Liquidator Note.  All debt and
claims must be formally proved. This notice is purely formal.
All known Creditors have been, or will be, paid in full.

CONTACT:  BREBNER ALLEN TRAPP
          180 Wardour Street
          London W1V 4LB
          Phone: 020 7734 2244
          Fax: 020 7287 5315
          E-mail: martin.widdowson@brebner.co.uk


ICS WORLDWIDE: Names PricewaterhouseCoopers Liquidator
------------------------------------------------------
The following written Resolutions of the sole Member of ICS
Worldwide Couriers Ltd. were passed on 29 June 2005, as a
Special Resolution and as an Ordinary Resolution respectively:

"That the Company be wound up voluntarily, and that Richard
Victor Yerbrugh Setchim and Jonathan Michael Sisson, of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT, be
and are hereby appointed Joint Liquidators of the Company for
the purposes of such winding-up, and any act required or
authorised under any enactment to be done by the Joint
Liquidators is to be done by all or any one or more of the
persons for the time being holding office." S Bort, for and on
behalf of the sole Member

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Plumtree Court
          London EC4A 4HT
          Phone: [44] (20) 7583 5000
          Fax:   [44] (20) 7822 4652
          Web site: http://www.pwc.com


I FEEL GOOD: Appoints Administrators from Chantrey Vellacott
------------------------------------------------------------
Name of company: I FEEL GOOD (HOLDINGS) LIMITED
                 (Company No 03890563)

                 I FEEL GOOD LIMITED
                 (Company No 03882376)


Nature of Business: Consumer Magazine Publishing

Trade Classification: 18

Date of Appointment: July 12, 2005

Joint Administrators' Names and Address: Kenneth William Touhey
and David John Oprey (IP Nos 8369 and 5814), both of Chantrey
Vellacott DFK LLP, First Floor, 16-17 Boundary Road, Hove, East
Sussex BN3 4AN

CONTACT:  CHANTREY VELLACOTT DFK
          16-17 Boundary Road,
          Hove, East Sussex BN3 4AN
          Phone: 01273 421200
          E-mail: info_hove@chantrey-vellacott.com
          Web site: http://www.cvdfk.com


L & G STORAGE: Bristol Court Approves Liquidation
-------------------------------------------------
Company Name: L & G Storage Ltd.

Company Registration Number: 03986096

Address of Registered Office: 88 High Street, Ramsey,
Huntingdon, Cambs, PE26 1BS

Court: Bristol District Registry

Date of Filing Petition: 15 April 2005

No. of Matter: 1836 of 2005

Date of Winding-up Order: 6 July 2005

Official Receiver's Address: 2nd Floor, Abbeygate House, 164-167
East Road, Cambridge, CB1 1DB


LOVE2 LTD.: Gets Green Light to Liquidate
-----------------------------------------
Company Name: Love2 Ltd.

Company Registration Number: 04430282

Address of Registered Office: 4A Roman Road, East Ham, London,
E6 3RX

Court: High Court of Justice

Date of Filing Petition: 17 May 2005

No. of Matter: 003226 of 2005

Date of Winding-up Order: 13 July 2005

Official Receiver's Address: 21 Bloomsbury Street, London, WC1B
3SS


MG ROVER: Nanjing Offers Stakes to Losing Bidders
-------------------------------------------------
The new owner of MG Rover is reportedly planning to sell shares
of the collapsed carmaker to losing bidders.  Chinese firm
Nanjing Automobile Corporation, which has bought Rover for
around GBP50 million, is prepared to offer a stake to its
rivals, including Shanghai Automotive Industry Corporation,
according to the Financial Times.

The report stirred more controversy, bolstering doubts over
Nanjing's capacity to conclude the sale.  SAIC earlier expressed
disappointment over the turnout of the sale talks and said it is
considering taking legal action, among other options.  The
company has already called in law firm Baker & Mackenzie to
handle the matter, said FT.

Reuters, in a separate said, this could set up a rare legal
battle between the two Chinese firms, which are both state-
owned.  SAIC already owns the rights to produce the Rover 25
small car and Rover 75 saloon.

A spokesman for SAIC said: "SAIC has put in a superior offer,
with better prospects for employment and U.K. car production,
and it has been denied the ability to have its final offer
considered."

Meanwhile, Nanjing has reportedly met with representatives of
workers at Rover's Longbridge plant to discuss jobs.  Sky News
said about 2,000 former employees are hoping to reclaim their
jobs.  Nanjing has vowed to create a design, engineering and
manufacturing facility in the United Kingdom and will "seriously
consider" Longbridge as the location for the facility.

CONTACT:  MG ROVER GROUP LIMITED
          Longbridge, Bickenhill
          Birmingham
          B31 2TB, United Kingdom
          Phone: +44-121-475-2101
          Fax: +44-121-482-2403
          Web site: http://www1.mg-rover.com


MONO UK: Administrators from Wilkins Kennedy Steps in
-----------------------------------------------------
Name of company: MONO UK LIMITED
                 (Company No 3142122)

Nature of Business: Contractors and Property Developers

Address of Registered Office: Gladstone House, 77-79 High
Street, Egham, Surrey TW20 9HY

Date of Appointment: July 4, 2005

Joint Administrators' Names and Address: Stephen Paul Grant (IP
No 8929), Wilkins Kennedy, Risborough House, 38-40 Sycamore
Road, Amersham, Buckinghamshire HP6 5DZ, and Colin George
Wiseman (IP No 6712), Wilkins Kennedy, Bridge House, London
Bridge, London SE1 9QR

CONTACT:  WILKINS KENNEDY
          Risborough House,
          38-40 Sycamore Road, Amersham,
          Buckinghamshire HP6 5DZ
          Web site: http://www.wilkinskennedy.com

          WILKINS KENNEDY
          Bridge House,
          London Bridge,
          London SE1 9QR
          Web site: http://www.wilkinskennedy.com


MONSTERMODZ LIMITED: High Court Approves Winding-up
---------------------------------------------------
Company Name: Monstermodz Limited

Company Registration Number: 04433379

Address of Registered Office: 46 Clarence Place, Newport, Gwent,
NP19 0AG

Court: High Court of Justice

Date of Filing Petition: 24 May 2005

No. of Matter: 003406 of 2005

Date of Winding-up Order: 13 July 2005

Official Receiver's Address: P.O. Box 326, 1st Floor, Boulton
House, 17-21 Chorlton Street, Manchester, M60 3ZZ


NOODLE BAR: Chinese Restaurant Calls in Administrator
-----------------------------------------------------
Name of company: NOODLE BAR (LEICESTER) LIMITED
                 (Company No 04161778)

Nature of Business: Chinese Restaurant

Address of Registered Office: c/o Cooper Parry LLP, The
Crescent, King Street, Leicester LE1 6RX

Trade Classification: 5530

Date of Appointment: July 11, 2005

Administrators' Names and Addresses: Tyrone Shaun Courtman (IP
No 7237), Cooper Parry LLP, 14 Park Row, Nottingham NG1 6GR and
Jeremy Philip William Meadows (IP No 9337), Cooper Parry LLP,
The Crescent, King Street, Leicester LE1 6RX

CONTACT:  NOODLE BAR LIMITED
          114 Hamlet Court Road,
          Westcliff On Sea
          Essex SS0 7LP

          COOPER PARRY LLP
          14 Park Row, Nottingham NG1 6GR
          Phone: +44 (0) 1332 295544
          Fax: +44 (0) 1332 295600
          Web site: http://www.cooperparry.com

          COOPER PARRY LLP
          The Crescent
          King Street
          Leicester
          Leicestershire LE1 6RX
          Phone: 0116 285 4424


NORTHERN LIGHTS: Runs out of Money
----------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

         IN THE MATTER OF Northern Lights Retail Limited

At an Extraordinary General Meeting of the Members of Northern
Lights Retail Limited, duly convened and held on Wednesday, July
6, 2005, these Resolutions were duly passed:

(a) That it has been proved to the satisfaction of this meeting
    that the company cannot by reason of its liabilities,
    continue its business, and that it is advisable to wind-up
    the same;

(b) That the company be wound up voluntarily; and

(c) That Michael C. Kienlen of Armstrong Watson, Fairview House,
    Victoria Place, Carlisle CA1 1HP, be and he is hereby
    appointed Liquidator for the purposes of the winding-up.

Fiona Lloyd and Alex McAlindon, Directors

CONTACT:  ARMSTRONG WATSON
          Fairview House,
          Victoria Place,
          Carlisle CA1 1HP
          Phone: 01228 591000
          Fax: 01228 591822
          Web site: http://www.armstrongwatson.co.uk


PATIENTLINE PLC: Ofcom to Investigate Patient Power Contract
------------------------------------------------------------
Patientline plc has received formal notification that Ofcom will
be conducting its own-initiative investigation into the
agreements between Patient Power licensees and NHS (National
Health Service) trusts and the prices charged for incoming calls
to hospital patients by at least two of the principal providers,
including Patientline.  The investigation may take up to several
months.

Patientline will cooperate fully with Ofcom on this
investigation, which the board believes will vindicate the terms
of the licenses and contracts required by the NHS as well as
Patientline's charges, which were specified in its license
agreement with the NHS.

Patientline and the other licensees which were appointed as a
result of a competitive tendering process are required to
provide the entertainment and communication services at no cost
to the NHS and to recover all of their costs from charges to
users.  The heavy capital costs of installing the systems,
typically GBP1 million per hospital, and the high costs of
operating within a hospital environment dictate the level of
charges required.

Patientline and the other licensees are working closely with the
Department of Health and other agencies to encourage the wider
use of these sophisticated systems by NHS trusts for purposes
such as food ordering, patient surveys, patient information and
access to clinical information.  Experience at hospitals where
this is already happening shows that widening the user base in
this way will bring improvements in patient care, reductions in
medical errors, cost savings and improvements in staff and
patient satisfaction.  The use of these additional services will
also spread the cost of providing Patientline terminals and
potentially allow reductions in charges for the existing
services.

Patient Power Program

The Patient Power Program was launched by the NHS in England in
2000, following publication of the NHS Plan in July of that
year, to improve the environment and choice for patients.  The
Plan set a target of providing a bedside television, radio and
telephone for all patients in major acute hospitals by the end
of 2004.  Previously most patients had had no means of receiving
incoming calls and only coin-operated communal trolley phones
for outgoing calls.  Television was typically only available in
day rooms for those who were mobile, and sometimes through
communal televisions, which meant that all patients had to watch
the same program, or individual pay television sets.

The NHS advertised for expressions of interest and then invited
tenders for licenses to provide this service.  Patientline was
one of seven companies to receive a full or provisional license
in early 2001.  Further licenses have been granted since then
bringing the total granted to ten, although only a few of those
are still active.  The licenses granted by the NHS specify the
terms of the contracts to be entered into with individual NHS
trusts and set out the services and the charges to be made for
those services.  Trusts then conduct their own competitive
selection processes and contract with the chosen licensee.

The licenses preclude the NHS trusts from contributing to the
cost of the entertainment and communication services for
patients, thus forcing licensees to recover the capital,
operating and financing costs through charges to users.
Licensees are required to provide facilities at every bed and to
offer certain services available free.  To make the service
financially viable and avoid proliferation of hardware at the
bedside, the contracts grant exclusivity to the licensee.

The capital cost and economics of the service also require that
the contracts be of substantial duration, although much shorter
than typical PFI contracts.

The philosophy adopted by Patientline in relation to charges is
the same as set out in its original license application,
although actual charges for television and telephone have not
increased and have, in the case of incoming calls, been reduced
since that time. Some services are provided free in accordance
with the license requirements; prices to the patient are kept as
low as possible; concessions are offered for the elderly,
children and long-stay patients; and charges for incoming calls
are at a higher level, allowing Patientline to take a share of
the revenue to contribute to costs, recognizing that this burden
is spread among a wider range of users.

The high costs and long-term nature of the provision of these
services are illustrated by the fact that Patientline has
incurred losses in each of the ten years that it has been
operating, including an GBP11.8 million loss on turnover of
GBP49.4 million last year.

The program has been a considerable success for the NHS and its
patients. Some GBP150 million of private capital has already
been deployed in installing the systems at approximately 75,000
beds in England.  Around five million patients use the systems
each year and relatives and friends make some 25 million
incoming calls.  Research conducted by the NHS shows that nine
out of ten patients and a similar proportion of nursing staff
are satisfied with the services; three quarters of patients rate
them good value for money and an improvement on previous
arrangements; and 84% of nurses believe they improve patients'
feelings of general well-being.

The NHS is unique in having decided to install these
sophisticated PC-based systems, with the costs borne entirely by
the patients and their relatives and friends.  In other
countries where this pioneering British technology is being
adopted, the hospital typically pays all or part of the capital
and operating costs to provide a benefit for patients and to
secure use of the systems for clinical and hospital
administrative purposes.  Similar opportunities to broaden the
use of the systems and spread the cost more widely exist in the
U.K.

Ofcom

Ofcom has powers on competition matters, in addition to its
regulatory role, for the electronic communications and
broadcasting sectors.  The initiation of an investigation is the
first stage of a potentially extended process and is designed to
establish whether there are grounds for a Statement of
Objections.

In the event that such a Statement is issued, there is a right
of reply before any final decision is taken by Ofcom.  There is
also a right of appeal against any Ofcom decision on competition
matters.

This investigation will encompass leading licensees and the NHS
trusts with whom they have contracts.  It will also inevitably
involve the NHS, which specified the terms of the licenses and
contracts.

Of the 14 Ofcom competition cases that were under investigation
at some time during 2004, 12 have been closed without any
adverse decision by Ofcom and two are believed still to be open.

CONTACT:  PATIENTLINE PLC
          Thames Valley Court
          183/187 Bath Road
          Slough
          Berkshire
          SL1 4AA
          Phone: 0845 414 6000
          Fax: 0845 414 6153
          Web site: http://www.patientline.co.uk/


PLANESTATION GROUP: Falls into Administration
---------------------------------------------
Planestation Group plc on Tuesday appointed Grant Thornton
administrator following Monday's announcement that its bank
[Bank of Scotland] had ceased to support it.  The Directors do
not anticipate that the administration will result in any return
to equity shareholders.  The collapse resulted in the closure of
Irish low-fare carrier EUjet, which the company acquired in
2004.


PLANESTATION GROUP: Company Profile
-----------------------------------
NAME: PlaneStation Group PLC

ADDRESS: 35 Berkeley Square
         Mayfair
         London
         W1J 5AB
         United Kingdom

PHONE: (020) 7495 8686

FAX: (020) 7493 0189

E-MAIL: info@planestation.com

WEB SITE: http://www.planestation.com

TYPE OF BUSINESS: Formerly Wiggins Group, Planestation is
involved in commercial and residential property development, the
operation and management of leisure facilities and operation of
airport services in Europe and North America.

SIC: Transport

EXECUTIVES: Richard Keith Bingham, Chief Executive
          Martin May, Chief Operating Officer

NUMBER OF EMPLOYEES: 249 (as at March 31, 2004)

SALES: US$22 million (2004)

TOTAL ASSETS: GBP54,544 million (as at March 2004)

TOTAL LIABILITIES: GBP44,371 million (as at March 31, 2004)

MARKET CAPITALIZATION: GBP23.94 million

SUBSIDIARIES                       % of equity held  Country of
                                                    registration

Management Services Limited              100       England
Wiggins Property Developments Limited
(formerly Wiggins Homes (South) Limited) 100       England
Kent International Business Park Limited 100       England
Wiggins Kingsbury Limited                100       England
Wiggins Fairfield Limited                100       England
Wiggins Castle Wharf Limited             100       England
London Manston Airport PLC               100       England
Kent International Travel Limited        100       England
Tomorrows Leisure Limited                100       England
Norham Multi Leisure Limited             100       England
Norham Investments Limited               100       England
PlaneStation Limited                     100       England
Maisons de Vichy SARL                    100       France
PlaneStation Beteiligungen GmbH          100       Germany
Baltic Airport Schwerin-Parchim GmbH     100       Germany
PlaneStation Inc                         100       USA
Landside A/S (formerly PlaneStation Denmark A/S)+
                                         100       Denmark
PlaneStation s.r.o.                      100       Czech
PlaneStation Pilsen s.r.o.                95       Republic
Wiggins PlaneStation Italia Holdings S.p.A.
                                         100       Italy
Flughafen Lahr Beteiligungen GmbH        100       Germany
Black Forest Airport Lahr GmbH           100       Germany

---------
+ A bankruptcy petition against this company was filed by the
landlord of Odense airport on 19 January 2004

MAJOR SHAREHOLDERS        % Holding

Prudential plc             14.77
New Star Hedge Fund        10.69
Goldman Sachs Group Inc.   10.15
Aviva PLC                   5.10

THE TROUBLE: On 28 June 2005 the Company announced that the
passenger numbers of EUjet, the Group's low cost regional
airline based at Kent International Airport, would fall below
planned levels during the current year.  As a consequence the
cash requirements of EUjet would be greater than originally
planned.  The directors indicated that this shortfall in cash
would be funded by asset sales and at the same time announced
that the Company had entered into an exclusive agreement to
dispose of 75% of its interest in Kent International Business
Park.

It negotiated its need for ongoing support and extension of
facilities with banks while the disposal is proceeding.  But on
July 25, its bank said it is no longer able to support the
company with additional facilities.  As a result, the company
requested a suspension of trading in its securities.  It went
into administration July 26.

FINANCIAL ADVISORS AND BROKER: Evolution Securities Ltd.
                               100 Wood St.
                               London
                               EC2V 7AN, United Kingdom
                               Phone: +44-20-7071-4300
                               Fax: +44-20-771-4450
                               Web site:
                               http://www.evosecurities.com
BANKS:  COUTTS & CO.
        40 Strand
        London
        WC2R 0QS, United Kingdom
        Phone: +44-20 7753 1000
        Fax: +44-20 7753 1050
        Web site: http://www.coutts.com

        HBOS PLC
        PO Box No. 5
        The Mound
        Edinburgh
        EH1 1YZ
        Phone: 0870 600 5000
        Web site: http://www.hbosplc.com

ADMINISTRATOR: GRANT THORNTON
               Grant Thornton House
               Melton Street
               Euston Square
               London
               NW1 2EP
               Phone: 020 7383 5100
               Fax: 020 7383 4715
               Web site: http://www.grant-thornton.co.uk/


R WAKEMAN CONSTRUCTION: Gets Court Approval to Liquidate
--------------------------------------------------------
Company Name: R Wakeman Construction (Chiswick) Limited

Company Registration Number: 03125201

Address of Registered Office: 9 Windmill Mews, Chiswick, London,
W4 1RW

Court: High Court of Justice

Date of Filing Petition: 23 May 2005

No. of Matter: 003360 of 2005

Date of Winding-up Order: 13 July 2005

Official Receiver's Address: 21 Bloomsbury Street, London, WC1B
3SS


SAFEMOUNT (1949): In Administrative Receivership
------------------------------------------------
Name of company:  SAFEMOUNT (1949) LIMITED
                  (Reg No 03824983)

Trading Name: National Fleet Disposals; Monarch Finance and
Leasing

Nature of Business: Other Business Activities; Motor Vehicle
Wholesaler

Trade Classification: 7487

Date of Appointment of Joint Administrative Receivers: July 14,
2005

Name of Person Appointing the Joint Administrative Receivers:
Davenham Trade Finance Limited

Joint Administrative Receivers: Gary Corbett and Darren Brookes
(Office Holder Nos 9018 and 9297), both of Milner Boardman &
Partners, Century House, Ashley Road, Hale, Cheshire WA15 9TG

CONTACT:  MILNER BOARDMAN & PARTNERS
          Century House, Ashley Road,
          Hale, Cheshire WA15 9TG
          Phone: 0161 927 7788
          Fax: 0161 927 7733
          E-mail: info@milnerb.co.uk
          Web site: http://www.milnerboardman.co.uk


SEVEN STAR: Loses Luster; Liquidates
------------------------------------
At an Extraordinary General Meeting of Seven Star Traders
Limited, duly convened, and held at 7 Birchin Lane, London EC3V
9BY, on 13 July 2005, the subjoined Special Resolution was duly
passed:

"That the Company be wound up voluntarily, and that Martin N
Widdowson, of Brebner Allen & Trapp, The Quadrangle, 180 Wardour
Street, London W1F 8LB, be and he is hereby appointed Liquidator
for the purposes of such winding-up."

S Hills, Director

                            *   *   *

Creditors of the company are required, on or before 31 August
2005, to send in their full forenames and surnames, their
addresses and descriptions, full particulars of their debt or
claims, and the names and addresses of their Solicitors (if
any), to the undersigned, Martin N Widdowson, of The Quadrangle,
180 Wardour Street, London W1F 8LB, the Liquidator of the said
Company, and, if so required by notice in writing from the said
Liquidator, are, personally or by their Solicitors, to come in
and prove their debt or claims at such time and place as shall
be specified in such notice, or in default thereof, they will be
excluded from the benefit of any distribution made before such
debt are proved.

CONTACT:  BREBNER ALLEN TRAPP
          180 Wardour Street
          London W1V 4LB
          Phone: 020 7734 2244
          Fax: 020 7287 5315
          E-mail: martin.widdowson@brebner.co.uk


SPRINT HOME: Calls in Administrators from P&A Partnership
---------------------------------------------------------
Name of company: SPRINT HOME DELIVERIES LIMITED
                 (Company No 04996611)

Nature of Business: Storage and Warehousing Land Transportation

Address of Registered Office: c/o Poppleton & Appleby, The Old
Barn, Caverswall Park, Caverswall Lane, Stoke on Trent,
Staffordshire ST3 6HP

Date of Appointment: July 13, 2005

Administrators' Names and Address: Ian Michael Rose and Robert
Michael Young (IP Nos 9144 and 7875), Poppleton & Appleby, The
Old Barn, Caverswall Park, Caverswall Lane, Stoke on Trent ST3
6HP

CONTACT:  THE P&A PARTNERSHIP
          The Old Barn, Caverswall Park, Caverswall Lane
          Stoke on Trent ST3 6HP
          Phone: (0114) 275 5033
          Fax: (0114) 276 8556
          E-mail: info@poppletonappleby.co.uk
          Web site: http://www.thepandapartnership.com


SUPREME CHOICE: Shuts down Due to Liabilities
---------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

         IN THE MATTER OF Supreme Choice Foods Limited

At an Extraordinary General Meeting of Supreme Choice Foods
Limited duly convened and held at 33a Gordon Street, Glasgow G1
3PF on July 7, 2005, these resolutions was duly passed:

(a) That it has been proved to the satisfaction of the meeting
    that the company cannot, by reason of its liabilities,
    continue its business and that it is advisable that the same
    should be wound up;

(b) That the company be wound up voluntarily; and

(c) That Charles Moore of Moore & Co, 65 Bath Street, Glasgow G2
    2BX, be appointed Liquidator of the company.

J. Smith, Director


TASHDELEN LIMITED: Leeds Court Accepts Winding-up Petition
----------------------------------------------------------
Company Name: Tashdelen Limited

Company Registration Number: 04425623

Address of Registered Office: 55 Dalston Lane, London, E8 2NG

Court: Leeds District Registry

Date of Filing Petition: 20 March 2005

No: of Matter-545 of 2005

Date of Winding-up Order: 12 July 2005

Official Receiver's Address: 21 Bloomsbury Street, London, WC1B
3SS


TAYLORMADE JOINERY: Hires Cresswall Associates as Administrator
---------------------------------------------------------------
Name of company: TAYLORMADE JOINERY CONTRACTORS LIMITED
                  (Company No 03762207)

Nature of Business: Joinery Installation

Trade Classification: 4542

Date of Appointment: July 7, 2005

Administrators' Names and Address: Daniel Paul Hennessy and
Gordon Craig (IP Nos 1388 and 0978), Cresswall Associates
Limited, Bridge House, Marsh Lane, Huddersfield HD8 8AE

CONTACT:  CRESSWALL ASSOCIATES LIMITED
          Bridge House, Marsh Lane,
          Huddersfield HD8 8AE


T M INSTALLATIONS: High Court Approves Liquidation
--------------------------------------------------
Company Name: T M Installations Ltd.

Company Registration Number: 04533280

Address of Registered Office: 22 Meadowbank, Ashton Under Lyne,
OL7 9TF

Court: High Court of Justice

Date of Filing Petition: 17 May 2005

No. of Matter: 003245 of 2005

Date of Winding-up Order: 29 June 2005

Official Receiver's Address: 1st Floor, Boulton House, 17-21
Chorlton Street, Manchester, M1 3HY


UNIQ PLC: Turnover Down Due to Higher Raw Material Cost
-------------------------------------------------------
At the Annual General Meeting of Uniq plc, the company said: "In
the U.K., sales are starting to show an improving trend versus
last year's second half.  The sandwich and salad businesses have
performed ahead of expectations and in the fish category we have
successfully passed on much of the impact of higher salmon
prices.  Profit contribution from the Desserts category is,
however, well behind expectations.  This reflects systems and
operational problems during the ramp-up of production at
Minsterley.

"In Southern Europe, the Spreads category continues to perform
well.  However, divisional turnover in the first three months
was 1% down on the prior year reflecting the delisting of the
cholesterol reducing yogurt range, a lower rate of sale in
frozen ready meals and disruption from a fire at our Madrid
plant.

"In Northern Europe, turnover is also down about 1% against the
prior year but further cost efficiencies have again contributed
positively to results.

"In aggregate, continuing business turnover for the first three
months is 0.6% down against the prior year and, as expected,
operating profit is significantly lower.  Higher raw material
prices are affecting a number of our key input costs but in the
majority of markets we are achieving offsetting price increases.

"Looking ahead to the rest of the year our expectations for
Group performance have become more cautious and are now towards
the lower end of market estimates."

CONTACT:  UNIQ PLC
          1 Chalfont Park
          Gerrards Cross
          Buckinghamshire SL9 0UN
          Phone: +44-1753-276-000
          Fax: +44-1753-276-071
          Web site: http://www.uniq.com

          GAINSBOROUGH
          Julian Walker
          Phone: 020 7190 1705


VENTSYS LIMITED: High Court Orders Liquidation
----------------------------------------------
Company Name: Ventsys Limited

Company Registration Number: 04353961

Address of Registered Office: First Floor, 95-99 High Street,
Uckfield, East Sussex, TN22 1RJ

Court: High Court of Justice

Date of Filing Petition: 23 May 2005

No. of Matter: 003378 of 2005

Date of Winding-up Order: 13 July 2005

Official Receiver's Address: 69 Middle Street, Brighton, East
Sussex, BN1 1BE


WIGMORE GROUP: Changes Name to Speymill Group
---------------------------------------------
At the annual meeting of Speymill Group plc (formerly The
Wigmore Group plc), all resolutions were passed.  The full text
of each resolution was set out in the notice of annual general
meeting circulated to shareholders on 29 June 2005.

The special business of the meeting included the approval to
change the company's name to Speymill Group plc and to
extinguish the company's deferred shares and consolidate the
ordinary shares on the basis of one share for every 100 shares
held.

Wigmore Group chairman Paul Doona said: "The company has
rationalized its existing business and has prepared a
springboard to develop what I believe are very exciting
opportunities.

"In the annual report, I said that we intended to 'capitalize on
our core competencies through other initiatives in property
development and facilities management.' (Now) I can put some
flesh on the bones of our plans.

"It is our intention to establish a fund management business,
focused to begin with, on property.  To this end, Speymill
Property Managers Limited has been incorporated in the Isle of
Man.

"As a first step, we announce the Heads of Agreement for the
incorporation of a new joint venture with a German company for
the management of a portfolio of properties (initially over 900
apartments) in Berlin.  The majority of the properties are owned
by our major shareholder, Burnbrae, with the balance coming from
our German partner.

"Plans are already advanced to take advantage of substantial
Funds which are being organized to invest in German properties
particularly in Berlin.  The joint venture we are announcing
will be well placed to participate in that
process.

"The joint venture company we are planning is to be called GOAL
Services GmbH.  Ownership of GOAL will be divided in the ratio
of 51% to Speymill and 49% to LAGO Services, which is controlled
by Herr Florian Lanz, who is based in Berlin.  LAGO is an
existing German property management business with in depth
knowledge of the German construction market and a wide range of
property contacts.

"GOAL will validate the suitability of potential acquisitions,
find and manage tenants, undertake technical property management
services such as cleaning, general maintenance, major
refurbishment and property administration.  The joint venture
may also be in a position to undertake refurbishment or
construction opportunities that are suitable for Speymill
Contract's expertise.
"As reported in our preliminary announcement the Speymill
Contract's business is developing well and I am pleased to be
able to report that the majority of the management team is now
in place to continue this improvement.

"The sales prospects have improved from the preliminary
announcement (GBP30 million) to stand at over GBP36 million, a
figure representing committed and likely business and a prudent
assessment of the win rate achieved for new tenders.
Unfortunately, for a variety of reasons outside our control, a
number of contracts have been delayed in starting and this has
had a detrimental effect on the sales in the first months of the
year.

"We have recently been awarded a number of exciting new
contracts.  They include the development of a new Premier Travel
Inn and Brewers Fayre pub for Whitbread; an extension of an
existing Premier Travel Inn; the development of a sports
complex; a redevelopment of a large former country hotel to a
private house and a significant extension of a Sleepwell Hotel,
to incorporate a conference and banqueting suite and a leisure
complex."

CONTACT:  THE WIGMORE GROUP PLC
          Arundel House, Amberley Ct., County Oak Way
          Crawley, West Sussex RH11 7XL
          United Kingdom
          Phone: +44-845-070-1200
          Fax: +44-845-070-2300
          Web site: http://www.wigmoregroup.com

          Paul Doona
          Executive Chairman
          Phone: 01624 698131

          Tim Blackstone
          Britton Financial PR
          Phone: 0207 251 2544

          Jonathan Naess
          Nabarro Wells & Co Ltd.
          Phone: 0207 710 7400


WIGMORE GROUP: To Create Property Fund Management Venture
---------------------------------------------------------
At the annual meeting of Speymill Group plc (formerly The
Wigmore Group plc), Anthony Baillieu, owing to personal
commitments, has decided not to stand for re-election to the
board.

He is keen, however, to assist the company in its plans to
develop a property fund management business, Speymill Property
Managers Limited, where his services will be retained as a
consultant.

Howard Flight has agreed to take his place on the board as a
non-executive director and will become chairman of the property
management business.

Howard Flight was Conservative Member of Parliament for Arundel
and South Downs from 1997 to 2005.  His political appointments
included shadow chief secretary to the Treasury and deputy
chairman of the Conservative party.

In business, he was co-founder and managing director of Guinness
Flight, formed in 1986 and in 1998 upon its acquisition became
joint chairman of Investec Asset Management.

Howard Flight is a director of Investec Asset Management and of
Panmure Gordon.

                            *   *   *

The Wigmore Group plc serves as contractors to the hotel and
leisure industries.  In June, Chairman Paul Doona said: "The
year to December 2004 was a very poor one for the Group
resulting in a loss after tax of GBP6.71 million (2003: loss
GBP0.36 million) which comprised pre-exceptional losses of
GBP2.28 million (2003: loss GBP0.36 million) and exceptional
costs of GBP4.43 million (2003: GBPnil).

"The figures reflect an appalling year for the Group and root
and branch restructuring has been necessary since the financial
rescue by our majority shareholder Burnbrae.  I am, however,
confident that the Group is now on a firm financial footing and
that the long tried patience of our shareholders will ultimately
be rewarded."

CONTACT:  THE WIGMORE GROUP PLC
          Arundel House, Amberley Ct., County Oak Way
          Crawley, West Sussex RH11 7XL
          United Kingdom
          Phone: +44-845-070-1200
          Fax: +44-845-070-2300
          Web site: http://www.wigmoregroup.com

          Paul Doona
          Executive Chairman
          Phone: 01624 698131

          Tim Blackstone
          Britton Financial PR
          Phone: 0207 251 2544

          Jonathan Naess
          Nabarro Wells & Co Ltd.
          Phone: 0207 710 7400


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Larri-Nil Veloso, Ma. Cristina Canson, Liv
Arcipe, Julybien Atadero and Jay Malaga, Editors.

Copyright 2005.  All rights reserved.  ISSN 1529-2754.

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